Want to use my current house to invest.

Bethlehem, Allentown PA · Member since 2021 · 3 posts · 2 votes

Hello, I own a house and still paying my mortgage, don't have a job, but i want to buy another one to move into with my family. But the current one I own, I want to fix it up and use it as an investment property. Don't know what to do first.

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Jules Aton

MD/DC · Member since 2024 · 1k+ posts · 1k+ votes

11h

This can be a great stepping stone to RE investing however unless you have a large sum saved I would recommend getting a job and saving first. Then you can decide how to proceed with renovations on your current home and purchasing another one when appropriate.

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Jules Aton
MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
11h
This can be a great stepping stone to RE investing however unless you have a large sum saved I would recommend getting a job and saving first. Then you can decide how to proceed with renovations on your current home and purchasing another one when appropriate.
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Thomas SloanPro Member
Partnership at BiggerPockets · Denver, CO · Member since 2021 · 16 posts · 16 votes
9h
Agree with Jules. It's probably smart to secure a job first.

Once you feel ready, you can look into a HELOC as a financing option.
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Arman AhmedPro Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 921 votes
9h
Quote from @Joel Cruz:
Hello, I own a house and still paying my mortgage, don't have a job, but i want to buy another one to move into with my family. But the current one I own, I want to fix it up and use it as an investment property. Don't know what to do first.
This could actually be a really good way to get started in real estate. I’d first see what your current house could realistically rent for and then run the numbers with your mortgage, repairs, taxes, insurance, and everything else. If you don’t have much saved right now, I’d probably focus on getting a job and building up some cash reserves before taking on another property.
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Diana KhanPro Member
Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 388 posts · 151 votes
8h
Quote from @Joel Cruz:
Hello, I own a house and still paying my mortgage, don't have a job, but i want to buy another one to move into with my family. But the current one I own, I want to fix it up and use it as an investment property. Don't know what to do first.
@Joel Cruz, I think your idea can work, but I would take it one step at a time. Before putting a lot of money into the current house, I’d first figure out what it could realistically rent for and what you actually need to do to make it ready as a rental.
I’ve worked with owners making that transition, and one thing I always encourage is looking beyond just the renovations. Turning your home into a rental can also mean changes with insurance, the lease, and local rental requirements, so those are worth checking before you move out or take on another property.
You’re asking the right questions before jumping into it, @Joel Cruz. I work with landlords and real estate investors on these kinds of property matters, and I’m always happy to stay connected with people getting started in real estate. Since you’re in Pennsylvania, I’d confirm the local legal requirements with a professional there as well.
[email protected]240-266-0291
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- Joel Cruz
  OP
  Bethlehem, Allentown PA · Member since 2021 · 3 posts · 2 votes
  5h
  Thank you so much!
  0 Reply
- Quinton Vidaurri
  Livonia, Wayne County · Member since 2026 · 4 posts · 1 vote
  3h
  @Diana Khan very similar to Joel, I am a homeowner currently who is very interested in RE investing and plan to convert my current property into MTR and move my family into a future property. I have a W2 and feel like this could be possible in the next 5 years. In the meantime, this is exactly all the questions around the space I am trying to immerse myself in before jumping into it! Thank you so much for this post and showing me I'm on the right path!
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Nicholas FloydBusiness Member
NY · Member since 2026 · 198 posts · 73 votes
7h

Joel, I’d start by figuring out three things on your current house: how much equity you have, what it could realistically rent for after repairs, and what the repairs would cost.

Since you’re not working right now, qualifying for another traditional mortgage may be the biggest hurdle, so I’d speak with a lender before making any major moves. If you have a business or properly structured LLC, business funding could also be worth exploring for legitimate investment-property expenses such as renovations, repairs, or working capital, depending on your qualifications and the lender’s requirements.

I work in the business funding space, and there are options such as business lines of credit, 0% APR business credit cards, business loans, and revenue-based funding depending on the borrower’s profile.

Just make sure you run the full numbers first and don’t take on new debt without understanding how it could affect qualifying for your next mortgage. The goal should be to make the current property a solid investment without putting yourself in a difficult position financially.
2 Reply
- Joel Cruz
  OP
  Bethlehem, Allentown PA · Member since 2021 · 3 posts · 2 votes
  5h
  Thank you so much!
  0 Reply
V.G JasonPro Member
Investor · Member since 2022 · 3k+ posts · 3k+ votes
6h
Anyone letting this have any motion should be ashamed of themselves.
Focus first on getting a job, ideally one with tangible benefits for healthcare and retirement. @Jules Aton is right.
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Divin KanyamaBusiness Member
Accountant · Seattle, WA · Member since 2025 · 272 posts · 89 votes
5h
That’s a great goal, @Joel Cruz You already have an important starting point: a home that could potentially become a rental. Since you are not working right now, begin by talking with a few lenders to see what would be needed to qualify for another mortgage. Then run the numbers on your current home—expected rent compared with the mortgage, taxes, insurance, repairs, maintenance, and vacancy—and confirm that your loan, insurance, and local rules allow it to be rented. If the numbers look good, focus on building a repair budget and emergency reserves. You do not need to figure everything out at once; take it one step at a time, and if buying now is not realistic, securing stable income can put you in a much stronger position for the next opportunity.
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Quinton Vidaurri
Livonia, Wayne County · Member since 2026 · 4 posts · 1 vote
3h
Agree with everyone about getting a job and stable income first. While building reserves read Rich Dad Poor Dad and Profit First for Real Estate Investing. And listen to as many BP podcasts as you can to learn all different types of strategies!
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
52m
There's no question here that getting a steady income (probably means a job) should be the only focus right now. You have a family and a current obligation already (a mortgage). Investing is for people who have something to invest. All you likely have is time since you're not working. Depending on your current mortgage you may not even be able to legally do what you're proposing (let someone else rent it while you move elsewhere, as you might have a primary home responsibility to the note).
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Dan Duenas
Lender · Member since 2026 · 4 posts · 0 votes
9m
Joel — everyone telling you to get a job first is talking about conventional mortgages, and they're right about those: no job, no W-2, no loan.
But the rental side of your plan doesn't work that way. A DSCR loan qualifies on the property's rental income, not yours — no tax returns, no W-2s, no pay stubs, no job required. If your current house rents for enough to cover the payment after you fix it up, the income question gets answered by the property itself.
The sequence I'd look at:
1. Find out what the house would actually rent for fixed up — ask a local property manager, not Zillow.
2. Price the repairs honestly.
3. If the rent covers the costs, the DSCR route turns your current house into the rental without you needing a job first.
The new house for your family is a separate question and a separate loan — that one does need income docs. But don't let the job situation stop the rental half of the plan.
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