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Updated over 5 years ago on . Most recent reply

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Koree Scott
  • Escondido, CA
0
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12
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Buying A SFR In Cash With No Employment

Koree Scott
  • Escondido, CA
Posted

Hello BiggerPockets community! I'm new to the site and this is my first post, so please do let me know if I should be posting this in a different category. I have no real estate experience but I have been listening to the BP podcast, and I just finished up Brandon Turner's "The Book on Rental Property Investing." I've managed to save up $110k over the past few years and currently have it all in Vanguard funds, so it is slowly growing. Currently I'm stationed in San Diego but will be relocating to Indiana after separating from the military at the end of the year. I'm very interested in the Indianapolis area, and I have the capital to buy a SFR in cash. I have no plans for employment after I separate, and I intend to live with my family rent-free for the time being.

My question is, if I were to find a deal for ~$75k, is paying cash for a house my only option without employment? Will the bank lend any money without proof of income, even if I have the money to cover the entirety of the loan?

Any and all advice is appreciated. Thank you!

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