First Time Rental Investor Question

[Christina Murphy]

Hello All!

I have owned my primary residence for 3 years now and it has appreciated close to $100,000 since I bought it. I am interested in purchasing my first duplex to start my real estate investment journey, however I feel as though I have a very specific situation and need guidance from those who are more experienced than I. I recently put in my 2 weeks notice at a job that was absolutely horrible for my mental health, so after 2 weeks, I will no longer have a consistent income. 

Maybe it's naive, but this has lit a fire under me and I see this situation as the START of my "success story". What recommendations would you give me, as to the smartest way to go about purchasing this duplex I am interested in. It's on market right outside of Austin for $445,000. Please let me know if I'm absolutely crazy or point me to a recommended outlet for advice.

Thank you for reading!

[Ryan Kelly]

@Christina Murphy without a job, you will find it nearly impossible to get a conventional loan. You could consider non-QM-loans or DSCR loans, but could be tricky in this environment. Having a larger cash-down payment could help. You could also bring in a partner who could secure the financing. How were you planning to finance the purchase?