Real Estate Agent · Amityville New York · Member since 2018 · 27 posts · 92 votes
I recently got denied a refinance loan on my property due to losing my job whilst this was in the process. I have no desire to go back into the work force I wanted to know what could be my other options of obtaining large funds without a job? As I’m hoping to obtain investment properties in others state’s that are cheaper than New York. I’m hoping to do the buy and hold strategy.
Rental Property Investor · Cambridge, MA · Member since 2016 · 634 posts · 415 votes
6y
So, you want funding without going back into the workforce for buy and hold? Oh my...there some really interesting threads and topics in the forums lately.
Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes
6y
@Rebecca McDonald in your description it says “ Real Estate agent”. Is that the job you got fired from?
I’m my experience we all have a job. We work for our selfs as self employed or we work for someone else. Loans seem to be harder for the self employed in my experience. There are a few folks that say no doc loans are coming back, maybe the will chime in.
Real Estate Agent · Amityville New York · Member since 2018 · 27 posts · 92 votes
6y
@Lee Burns thank for your response and yes I am new and felt comfortable to ask within this circle this question because I genuinely don’t know my options good to know that I do have some
Real Estate Agent · Amityville New York · Member since 2018 · 27 posts · 92 votes
6y
@Account Closed thank you for responding No I didn’t get laid of from that I was previously a manager at mercedes Benz I recently passed my real estate license exam and waiting on my license to arrive yeah so you could say I’m self employed!
@Account Closed thank you for responding No I didn’t get laid of from that I was previously a manager at mercedes Benz I recently passed my real estate license exam and waiting on my license to arrive yeah so you could say I’m self employed!
Rebecca, While working at MB as a manager i'm sure you met business people. Did you make any connections?
Real Estate Agent · Amityville New York · Member since 2018 · 27 posts · 92 votes
6y
Oh and @Scott Mac I guess you were just trying to be funny 🤣🤣 listen if my question upset you guys that much you didn’t have to enter this forum keep scrolling!
Rental Property Investor · Chicago, IL · Member since 2019 · 5 posts · 22 votes
6y
@Rebecca McDonald great question. Start visiting REIA meetings in your area. Money ppl are always in the building and ready to loan. Helps to have some assets, money in the bank, property or a deal in the making. Hope that helps!
@Account Closed I don’t appreciate your tone in your response if you think I’m stupid just don’t respond I’m asking a genuine question!
Sorry you felt that way, that wasn't my intention. You were looking for answers on getting a loan and I was just trying to help. I guess Tone can be misjudged when it comes to writing. All I asked was if you made any customer connections as a manager at Mercedes Benz. My friend manages a dealership of high prices cars and became friendly with many high earning business people In real estate willing to help. In any event good luck with finding what you want.
Real Estate Agent · Amityville New York · Member since 2018 · 27 posts · 92 votes
6y
@Dawanna Parks thank you so much for your response yes I have been going to my local reia and have networked with a few seasoned investors and lenders Just need to have confidence to ask them for money for a deal! I do have savings and my own property my husband is still employed and I have seen deals for the Detroit area where the numbers make sense! Thank you for not making me feel like I’m stupid!!
Rental Property Investor · Chicago, IL · Member since 2019 · 5 posts · 22 votes
6y
I understand your position and I am a newbie as well. The best advise I can offer you is to put together your investor packet. I too am looking for deals in Detroit as well as the Chicago Market where i currently reside. This is a community where we share and offer value and I feel like you if thats not on the table then keep scrolling. We all have to start some where! Lets connect and I might be able to send you a sample of what someone gave me to put you in a better position.
Rental Property Investor · Oakland, CA · Member since 2016 · 341 posts · 643 votes
6y
Looks like it's already been said, but a good option is to start networking with other investors with cash. Partnering is one of the most powerful strategies (if done right) in real estate.
In the meantime, you might want to still try to actively generate some income even though you don't want to rejoin the workforce. I know working is something a lot of us are trying to get out of and don't want to do, but sometimes you just have to push through and do it.
Heck, I just got off from driving Uber the past 5 hours. Do I need to? NO. I got a full-time job, I have rental income, I have a small business. But, for me every extra $100 helps which goes right back into my investments.
Rental Property Investor · Cambridge, MA · Member since 2016 · 634 posts · 415 votes
6y
@Account Closed I appreciate the comment and understand that if it is a "business" that can repay the loan based off of cash flow, this is a very different scenario. I certainly can't speak for anyone else, I found it hard to swallow that the OP led with not wanting to work. From my perspective, it struck me as fairly entitled and was not presented in a good way. That was my initial reading of it, and I would feel very uncomfortable partnering or working with someone that led with that perspective out of the gate. My $.02.
HIGHLAND, MD · Member since 2011 · 160 posts · 141 votes
6y
@Rebecca McDonald
You might want to reach out to some local lenders, brokers or bank portfolio managers and hard money lenders and tell them what your trying to do. You will get a very clear idea of whether your proposed way to finance/invest will be realistic or not.
As a new agent, you should start to better educate yourself on financing and how to qualify potential prospects. . I imagine if a prospect came to you and told your their plan and it sounded like yours, you would have line of questions that would focus on how they could realistically buy anything without a job or a current income.
Developer · NY/NJ/PA · Member since 2018 · 758 posts · 935 votes
6y
Originally posted by @Account Closed:
Now hold on.. everyone is having a good laugh here, but what if she were asking about commercial multifamily.
If she could show a lender that the property had years of solid cashflow behind it (not talking about one if these "no cash flow, bought for appreciation" ******** deals I see certain forum members constantly defending), and was not in "serious rehab needed" condition, you are telling me she couldn't get a commerical loan on that?
At a certain scale, that paltry income from a run of the mill Realtor job isn't going to be the deciding factor.
Lol you think any bank is going to lend to someone with no experience, no money, & probably no meaningful net worth on a larger commercial deal?
Flipper/Rehabber · Escondido, CA · Member since 2019 · 14 posts · 12 votes
6y
@Rebecca McDonald. Anyone who’s uses there own money to purchase real estate isn’t an investor at all. When you use your money for ANYTHING you become emotionally involved, becoming emotionally involve, you make irrational decisions. You are exactly where you need to be! Use your resources and go find a property, get it under contract and assign your position to an investor. Realize this.... Most business owners or entrepreneurs are too busy to constantly be looking for properties, this will allow you the opportunity to get your foot in the door. You can do it, even @Brandon Turner wrote a whole book that encourages little to no money down. Invest in your education, I promise it will be worth it.
Birmingham, AL · Member since 2017 · 25 posts · 22 votes
6y
@Rebecca McDonald I’m not sure why so many people are acting so stank on here in response to your question. The bigger pockets I know/knew wasn’t so negative and I apologize for the shade they’re throwing your way. To answer your question, the only way I can think of is to wholesale. There are people who are pretty successful with it so you might want to give that a try. You can look up Max Maxwell, and Brent Daniels on YouTube; they put out great content that might be able to help! Blessing to you and yours and keep grinding!