I quit my job where should I start now?

[Account Closed]

Hey everyone! I’ve been working all year on buying my second property. My first is a SFH that I live and do Airbnb in. I bought it almost 11 months ago. I’ve let a couple of preapprovals slip through bc I did not have enough off time to find the right deal. (But I do currently have a couple on the table.) Fast forward to now, I’ve quit my 50k+ 9-5 job but I still have my other job making about half that. I also have 20k saved and have brought In about 1300 this month with AirBnB. Not sure what the next month will look like. But my question is, will I get the bank loan/mortgage that I was preapproved for? Or will they see that I quit my 9-5 and dismiss me in the end? Has anyone gone through this before? What did you do acquire your properties? I’ve heard of HML but im looking to do buy and hold. I’ve been thinking that I should start out with SFR bc they’re cheaper, but I’m not 100% confident about that. Experienced advice needed. Please help. Thanks in advance BP community! Also, if you’re wondering, I quit because I couldn’t take being at my old company anymore. I had become extremely stressed & had fallen into depression.

[Theo Hicks]

If you left your job, then you will not be preapproved for the same financing amount. It will be based on your new income. My recommendation would be to find another, less depressing job to fund the down payments for your investment properties. Another option would be to bring on a money partner who funds the deals while you do all of the legwork.

If you find another job, you should be able to do HMLs to fund the deal, and then refinance into a new loan to return the HML's money.

I quit my job a little over 3 years ago for similar reasons, but I had a plan in place before I quit, so our situations are different. 

Good luck!