Entrepreneur Mortgage Struggles
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A story about how entrepreneurs and self-employed individuals face difficulties getting mortgages despite having good income.
"When my wife and I got a mortgage, her process was much more complicated than mine. My situation was simple - just submit a W2 and they understood my economics. But for her, she had this roller coaster history with different entities and all sorts of different stuff that was very hard for them to process.
In fact, when we recently refinanced because interest rates dropped, we didn't even use her income because the lady at the bank said 'Let's just do this off your income - I don't want to do all that paperwork again for your wife.'
Similarly, when I tried to buy a home as an entrepreneur, they asked if I owned more than 25% of a business. When I said yes, they required years of P&Ls, and even though it showed we were profitable, they still gave me a hard time. I think there's a big opportunity here for someone to provide home loans specifically for small business owners."
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.