No income, what to do??

Question

Hey Everyone,

So I'm in a tough position here, I have recently been laid off of my union construction job and I am trying to figure out how I can invest in real estate with no current income and little savings.. I own one apartment building but it is not enough for me to have no additional income obviously..

I have thought about a few different paths, I could wait until work picks back up in the area and continue saving and continue buying rental properties over time, but I am not crazy about that industry, although it pays fairly well. The other option I've been thinking is to take the classes necessary to obtain my real estate license, become a licensed realtor and earn my w-2 income this way while still continuing to save and purchase rentals over time.

Would it be irresponsible of me to try to obtain a HML for some cash flowing multiplexes?

I look forward to hearing from anyone who took the time to read this!

Thank you,

Jaron

Brandon L. · Answer

@Jaron Smith get a job that pays you the most money for the skills you have

Thomas S. · Answer

I would definatly take a closer look at a career change. Something immediate as a new career path, not a real estate agent. You need a guaranteed W2 income to use toward qualifying for financing.

Income as a agent is not consistent enough and if we enter a down turn in the markets your income, as a agent, would dry up.

Alternately I would suggest you move to where your skill set will provide you with construction employment. There is very likely better work markets else where than where you are.

No income, what to do??

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