San Francisco, CA 路 Member since 2013 路 15 posts 路 1 vote
Hi BP,
I recently sold my florida property and was in the process of finding a new property in KC when i lost my W2 job. I was planning on getting a 30yr fixed mortgage, but that's mostly out of the question.
I have money sitting in the bank to invest, and not sure best way to execute. Should i wait to get another job (2-3 months) so i can get a loan and purchase 2-3 properties, or purchase 1 property with cash? I could then refinance at a later date?
Paul - I think it depends on your personal risk tolerance. Do you need to cash in case obtaining a job takes longer than you expect? That would be the first question I would consider. If the answer is you have enough cash to get you through this transition and this money is truly available to invest I would personally consider looking for deals now and if the right opportunity came up go with an "all cash" purchase. If you need the equity/money in the future you can always get a mortgage/financing on the property and pull out cash. Therefore, I would tend to look for deals and jump if you see a great deal that meets your criteria. Good Luck!
If it were me I'd wait to have a job before investing in a property. A lot can happen in the time before you get another job, having a nest egg in the bank could be way more important than having an investment property. Real estate is great, but it's not liquid.