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.