Qualifying for mortgages when investing full time
I am considering quitting my full-time employment to invest in real estate full time. I have saved up some significant resources to be able to do some all-cash purchases, but I would prefer to finance via mortgages. However, I am worried I will not be able to qualify for mortgages if I don't have a full-time job. How do full-time real estate investors (who are just beginning) qualify for traditional mortgages if they don't have a job? In my case, could I use my saved resources to somehow reassure lenders that I have the resources required to service the mortgage?
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@Phil Sharp I wouldn’t recommend quitting until you have a few homes under your belt. You’ll need to show income to qualify for future loans. Until you’ve built up a stable of homes, I’d keep working and earning w-2 income. I think your Net passive income would have to be quite a lot to qualify with only that.