Retired and buy rental strategy

[Philip Ng]

Hi, I just retired and I would like to purchase rental properties to supplement my cash flow. I think I will not qualify for loan since I am unemployed. So is cash the only option? But cash is limited even after I refinance my home. From "the book on rental property investing", one can increase the number of rental properties by putting down payment and then saving the income. Then repeat the process to acquire more properties. But if I cannot be qualified for loan, how can I grow my rental properties? Any suggestions? I do have a HELOC (home equity line of credit). I am thinking using cash and the HELOC to purchase 2 rental properties. Then after one year or so, can I count them as income, together with the dividend from my stock account and qualify for loan to buy more properties with 20-30% downpayment then, even I am unemployed? Thank you for your suggestions in advance.