How to get preapproved without a full time job?

Question

I am a currently holding a temporary contract position as a Registered Nurse, as I would like to get out of the profession due to lack of passion for the job. Does anyone have any advice for my situation and how I can approach my next action

Stephanie P. · Answer

@Clint Pearcy @Alvin Gonzales

Doesn't work for primary residence, but DSCR lending is the only place to get a pre-approval that doesn't require a W2 or tax returns for investment properties.  You can get a primary residence loan with bank statements.  Find a good broker and they will guide you in the process.  Generally you should be able to get 80% on purchases of 1-4 unit properties with rates in the high 4's on a 30 year fixed.  Pay a couple of points and you're done.  Pretty simple procedure actually.

Stephanie

Clint Pearcy · Answer

I'm in the same general career position, not the field, but the passion part.

I recommend reading books, listening to podcasts, and making it a daily routine to read several posts per day on this forum. There's a lot of really good information out there that can be absorbed while you raise your initial capital (if not already done).

Stephanie P. · Answer

If you don't like working, I wouldn't get into real estate at all.  Managing properties is just one way to make money.  Flipping them is another.  Both require work.  If you just want money to make money, learn to be a day trader so you never have to leave the computer screen.

Alvin Gonzales · Answer

@Stephanie P. I want to do the bare minimum in terms of buying and selling in all honesty. Just want to use money to make money. I want real estate investments to be another stream of income to accelerate my path to financial freedom. Do you have any advice for a 24 year old that is trying to figure out the path to financial freedom while not really being sure about their career path? I really don’t like working..

Stephanie P. · Answer

That's not a very good strategy in my opinion. You're just taking on the risk from the builder.

There are different terms for Foreign nationals. Usually an ltv reduction.

Be a Realtor.  You get to sell houses without taking the financial risk of owning them.

Alvin Gonzales · Answer

@Cody Neumann @Stephanie P. I’m from Canada, I’m not sure if the same terms are applied or just called something differently. I’m currently trying to save up a lot of money for a down prior to talking to any brokers or lenders. I’m not sure about renting out to be honest due to not wanting to deal with tenants and whatnot. I am more considering buying unbuilt homes and reselling once built and appreciated then repeat. Any thoughts on this strategy?

Cody Neumann · Answer

@Alvin Gonzales

It depends what your goals are in real estate. If you are looking for a primary residence you will typicallyneed a full time job. If you are looking for a rental you can get private money or a commercial loan

Alvin Gonzales · Answer

Thanks Clint! I’ll keep educating myself and exploring other sources of knowledge while I continue to save up. The answers are out there, I’m just not looking out for them.

How to get preapproved without a full time job?

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