I'm in a position where I can leave my job and live for a bit on a pretty decent bonus. I also have my broker's license and would like to work as a broker to help others find/sell homes as well as to find new properties for myself. I also have 3 kids, 2 of whom are in school full time, and would like a more flexible schedule. However, I could stay with my current job (I am a property manager by trade so this works well for investing) which would make it easier to buy more properties in the future. I currently own 14 units and am under contract for another 4, so it's been getting a tad more difficult to acquire more properties. How beneficial is it to have W2 income? How hard will it be to continue to invest in properties without steady income? All of you seasoned pros, please give me your advice! Thanks in advance!
Kathryn - obtaining a loan through a lender will normally require 2 years of history of consistent positive income …...so if the plan is to use this method of financing - keeping the job is beneficial …..if you plan to use the more creative methods of financing deals - then this issue isn't quite as important
the other lender issue to be aware of is that many lenders have a limit on the #s of properties with financing an applicant has in their name …...some cap at 7 ...some cap at 10 ...some may not any cap
Thank you, that helps!