Question: All cash vs loan
Hello. Thank you for reading and sharing any thoughts or key search words that might be helpful.
I am a first time buyer with bout 220k cash in the bank. Due to an illness, I cannot work consistently. I am living with family. Its not ideal, but its an option for now. I have good credit and no debt. Its challenging (and seems risky) getting a loan without income. I am in Oregon, its a feeding frenzy here with multiple escalating offers. I'm about 20k shy of affording most of the turn key small starter homes. My plan was to live with roommates until I can generate income via home business - or live with family and rent my house for income.
I have two goals: To own/occupy my own place, and to acquire multiple single family rental properties over the next few years. If the West coast is priced too high for a beginner to gain any leverage, then I'm open to the East Coast (though I would be in unfamiliar territory).
-How might an unemployed person with no income make the most of 220k cash? Is buying all cash the smartest first step to ownership under these circumstances?
-Are there circumstances in which a lender will accept potential rent revenue as proof of income?
- Is there a low-risk, hands-off way to increase my liquid funds by maybe 10K or so within a couple months without taking a loan?
Open to new ideas and concepts.
Thanks!