Getting a loan with no or new job

10 Replies

Hi, BP. I will be getting out of the Marines in about 6 months, and I want to get into REI through flipping and reinvesting profits into SFRs. I have a BS degree and experience in electronics, so I can find a job if necessary, but I want to make REI my full time work. This obviously has implications when trying to get approved for a loan if I don't have a job or if I just started one.

What kind of creative methods have any of you used in a similar situation? Maybe a Co-signer? At this point I think the best course of action is to find a job for income while I get started and eventually quit when I can show success in fix and flip deals. What does BP think?

Account Closed Find an awesome partner <<<

Account Closed  says above the best way is to find an awesome partner if getting a job is not the direction you want to go. Finding an individual that may underwrite a private mortgage for you is another option as well. An awesome partner splits the profits but a private mortgage can just be a great interest rate.

Medium tetra homes update 50Bill Pohl, Tetra Homes, Inc. | [email protected] | 513.988.3700 | http://www.tetrahomes.com

Bill P. thanks for the tip! Jesse you'll be in my shoes soon enough, lol.  

It all depends on what you are most comfortable with and the method. Personally I don't like to be dependent on anyone other than myself or my husband. So I would get a job in the field I want to invest (there are tons of jobs in real estate). Learn to play with someone else's money and than use my own money to invest on the side.

That is what we have done. I have a MBA with a finance undergraduate degree.  I work in the commerical/multi-family. We live off one income and save the other. I take my knowledge and W2 salary  to highly leverage our returns. I reinvest in my chosen "poison" class A single family homes. There are lots of "methods" the key is to figure out what you are comfortable. The key is too look at them all.

Hi, Why wait & use this time while your employed to start investing - SFH Or Multifamily (2-4 Units).

Good Luck, Mitch Stanley

Realtor Keller -Williams Biltmore

Phx,AZ

Other option is to get into commercial 5 units and above, which in this case the deal is based on the property how it performs.

I would use the VA loan to pickup a MFR while you still have your W-2. You have to live in the home for one year, but why not pick up a cash flowing property where you live for free for one year. If you buy right (e.g., no more than 70% ARV), you can refinance after a year into a conventional, fixed loan and rinse and repeat! Giddy up!

Thanks for the advice. I'm a bit aprehensive to try and get a property while I'm overseas. I won't be getting back to the US until a month before I leave active duty, but I don't want my first deal to be done through a proxy (family back home). Any of you have experience doing something like that?

@ElizabethColegrove I'm a little off topic here, but what are the methods for classifying single-family homes? I would assume that it is similar to classifying multi-family homes  or office buildings (level of finish and amenities). Please advise.