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Quitting the 9-to-5 - Bank Statement Loans and DSCRs Without W-2 Income
Description
Steve announces his last day at his 9-to-5 on Friday and lays out his financing strategy: bank statement loans, DSCRs, and restructuring leases so mortgages come out of his business account, which lets Fannie Mae remove them from his debt-to-income ratio after a year. He pitches a "wholesale arbitrage" model - wholesale a house for $20k, use half to furnish it, then rent it back from the buyer as a short-term rental, netting passive income for free.
Myka and Steve also cover supply chain delays holding up a luxury Houston townhome, the struggle to train VAs who can't deliver nuanced customer service, Steve's cleanliness-versus-speed chart for cleaners ("we'll never get 100 and 100"), the power of Slack to connect VAs and cleaners, Turnify as a turnkey cleaning solution, and a Tesla-charger amenity that's pulling older, higher-income guests on Vrbo. Myka warns Federico not to quit his airline job just to do busy work - quit to grow the business, not change sheets.
Work with us. Interested in professional management or consulting?
Myka — Sharebnb: www.sharebnb.com
Steve — Argest Rentals: www.ArgestRentals.com
Sign up for PadSplit with Steve's link and get a free 1-on-1 PadSplit strategy call with Stevie Stacks: padsplit.com/hosts
Myka's other podcast, Entrepremarriage — building wealth without losing the marriage: youtube.com/@Entrepremarriage
All our links: linktr.ee/liveletthrive
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