Advice about career change
I am making a career change and but wanting start purchasing more rentals and house hack as soon as possible. One career I am exploring is becoming a realtor but I know I would need to wait a year or two to get approved for a loan. The other career is salary based and would bring in about 70k a year so I should be able to get the loan. Essentially I am leveraging my income to build up my rental portfolio, any advice? Thanks
@Tala Brunson If you buy an investment property with a bank loan, lenders like to see a tax return to verify borrower's income. So yes, a year out for you. There are other ways to invest - buying a property with owner financing, buying a fixer-upper with cash and living in it while making improvements and get a mortgage later, or pooling money with others. They all work with the right timing and the right deal.
Why not focus on the career change? Live below your means to save a nest egg and be ready for a good deal when it arises. I took an admin job in the back office of a real estate company and my education blossomed. That was rich.