Is it possible to get a home loan when you're unemployed?
Hello BP,
Fairly amateur RE investor here, but I've been looking at buying some rental properties out-of-state. I had a question about financing, so here's my situation:
I'd like to buy up to 2 properties (both being <75k), but the last 1.5 years ive been trying to get my own business going (which hasn't taken off), so it basically looks like i have not been working.
However, I do already own two properties (both are cash-flowing positive ~400 a month for 2 years), and prices for both properties appreciated from when I bought them (2012) by the following:
-condo has increased from 120k to ~220k (put 25% down)
-townhouse has increased from 220k to ~350k (put 25% down)
I also have ~60k saved in the bank. I will file this year for ~30k on taxes.
Is it possible for me to buy 2 more properties with my 1.5 years lack of work?
Anyone have any advice on what options i might have available to me?
Would I qualify for decent interest rates anywhere?
I would put 20-25% on each new property, so I would need to borrow ~120k. Just curious to see what people think on my likeliness of getting a loan, and what I need to do (if anything) to get a good rate. I'm 26 y/o and single.
Thanks in advance for helping an amateur!