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So I have been self employed for 3yrs now. I was operating out of a commericial building for about 2.5 of those years and as a result only netted 5k the first year and took a 10k loss the second. I am now operating out of my home which is payed off in full resulting in a huge income increase. My question is with the low income and loss of income on my W2's would anyone even consider lending to me? My current income averages $3500 per month. >5% utilization of CC. I have a car payment of $325.00 per month. And $15000.00 in Savings for a down payment. With the potential of $27000.00 in 6mo. Am I too much of a risk being self-employed. I have also been in the same Industry for 6yrs.
It is a LLC. Actually I do not get a W2. My accountand advised me not to pay myeslf a check because I would be Taxed twice. So my income is basically anything that is left after Gross less expenses.