Rental Property Investor · Houston, TX · Member since 2021 · 35 posts · 35 votes
Hello,
I'm starting out in the real estate world. How do you navigate lenders that require a work history when you have none, yet cash in savings or checkings?
@Imeh Esen You may want to consider partnering with someone who has the work history and income to qualify for lending. What skills do you have or can learn where a partner will want to work with you? You will need to figure out your real estate superpower. It's true you can purchase real estate with other people's money, but you will need to bring something else to the table.
Perhaps you can focus on finding the great deals, then finding others who have the capital how great the deal is then partner with them on it.
I believe you can explore commercial lending. They typically approve the asset rather than the borrower. It will be slightly higher rate and down payment but you can always refi once you have income/work history to show the bank.