Question for lenders on financing.

5 Replies

Hey Lenders,

I have one rental property(with ~$100k equity) in Ca, and a few hundred thousand dollars liquid. I'm looking to build my portfolio but I am currently unemployed. How tough/easy will it be to find financing for a multi-family(im looking to BRRRR) out of state with no job? What type of financing would best suit my situation? Thanks in advance for your responses.

@Gabriel Farfan ...assuming you would use some of your liquidity as down payment, and your credit is decent, you're going to be wanting to get some type of stated income loan through an alternative lender. This is not going to happen at a conventional bank/lender and it's not going to be at conventional terms (at least in general). These loans don't look at, nor collect, any personal income documentation (no W-2s, no taxes, no paystubs, no personal income, etc). I even know a couple that don't even collect an REO schedule to verify your properties owned. Most of them will run your credit though and have FICO requirements.

The other plausible option would be private/hard money, in which your personal income should not be used for the underwrite.  While it may be asked about, it shouldn't be used to qualify you.

Hope that helps.


Since you are jobless, you would have to be considered as a real estate investor as your job to qualify for stated loans. Stated income loans require you to state your job and positive cash flow from a single property may make some underwriters nervous. Though I am not aware what state you are interested in investing, rates for stated loans for NOO (non owner occupied) start at mid 6's. All the stated loan rates in the 5's that I am aware of, are owner occupied. As Jared above mentioned, there is always the hard money option but that should be the last resort. Basically with the limited information, this is about all I can contribute. When you have more exact information, there should be more lenders who can answer you better. Thank you.

Hi Gabriel, as a hard money lender we don't ask question regarding employment but we want to see 6 months of bank statements and some cash flow. We also require your credit doesnt have outstanding items that are past due.  So your job will be real estate investor but we need to see you are making money doing this so you can pay the loan and even more importantl before the 1 yr period is up get out of our loan and refinance is into a conventional loan.

@Gabriel Farfan according to your Wikipedia page you still play for Miami FC! Maybe you could use some of your liquidity to by a multifamily all cash(if you are talking about going outside of CA you could buy 5+ units for $200,000 in many parts of the country.) then after a year or two of cashflow you could refi and use the equity to build your portfolio, using Real Estate Professional as your job title. Or being a former MLS player I'm sure you could get a job related to soccer and use that title to appease lenders.

@Jared Rine Thanks for the advice! I've contacted a couple lenders and those i have contacted aren't even too familiar with stated income loans haha. I'm waiting to hear back from them as we speak.

@Yul Chang Thank you for the response!

@Account Closed My wiki page is probably not updated. I retired from soccer a couple months ago. Your suggestion is actually what I had originally thought of doing! Its just tough because I dont want to have most of my money tied up in one property just in case theres a market correction. Id like to have a decent amount of liquidity to be able to purchase in that scenario.

Im not too keen on getting a W2 job in the soccer world. Might just have to look for places in Brattleboro,VT haha.