Updated about 1 year ago on . Most recent reply
How do you get loan for property purchase - With out being employed.
Hi, I moved from CA to NC, and I lost my job. Recently came across a few good within my budget properties and do not want to lose the opportunity to invest and wondering how to go about the loans since I am not employed anymore and the lenders that I was working with for previous properties always ask me for employment verification and 90 days' pay slip.
What are my options to get loans for investment properties?
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#4 Starting Out Contributor
- Rental Property Investor
- Ellsworth, ME
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#4 Starting Out Contributor
- Rental Property Investor
- Ellsworth, ME
I don't know your situation; if you have 6 figures in cash reserves and waiting to see what is next, go for it. Get a DSCR loan. If you are looking at real estate as a way to earn income since you don't have a job, that's a really bad strategy. Properties really don't make any money for a year or two.