Workers comp to unemployed: how can I buy my 1st multi-fam

7 Replies

I went from being in a workers comp case to now being unemployed after the case was over. I'm looking to invest in multi-families, but am hearing it will be hard to get financing for it due to being unemployed...looking for any help or advice that will lead me in the right direction. 

Thanks in advance

Eric

I’m no expert at all, but I think your best bet is probably to find a partner to whom you can bring a deal. There’s not a whole lot of background information in your post (financial situation?, is future employment an option? What types of properties are you looking for?). 

@Eric Vogel I would start by finding employment. Right now, your options are buying with cash, or finding a partner with cash and you bring something of value to your partner. Theres not much you can do without income

@jason diclemente - I've heard that coming out of workers comp cases I would only have to work six months instead of the usual two to be approved for financing...do you know this to be true? Also, if I became a real estate agent...would that qualify as being "employed". As you can tell, I'm VERY new to this but won't be shy to ask any question. Coming out of a rut such as a workers comp case has been tough but will do whatever is necessary to accomplish owning properties and living life on my own terms :) Again, thank you for any advice and knowledge. 

Originally posted by @Cole Chase :

I’m no expert at all, but I think your best bet is probably to find a partner to whom you can bring a deal. There’s not a whole lot of background information in your post (financial situation?, is future employment an option? What types of properties are you looking for?). 

Thanks Cole. I have some savings, future employment is an option, and looking for multi-family properties to rent...also interested in flipping.  

@Eric Vogel As one of your options, consider wholesaling. Requires very minimal upfront investment. Plus one of the benefits you'll be interacting with lots of people - sellers and buyers and may by chance come across your future partner to jointly buy MFH.  

Originally posted by @Alina Trigub :

@Eric Vogel As one of your options, consider wholesaling. Requires very minimal upfront investment. Plus one of the benefits you'll be interacting with lots of people - sellers and buyers and may by chance come across your future partner to jointly buy MFH.  

 Thanks so much Alina. I actually have a friend who is currently doing wholesaling and flipping, so I will definitely get in touch with him.