Newbie needs advice! leaving salaried position - buy now or doom?

[Jessica S Mead]

Hi everyone! I am newbie looking to turn real estate inventor.....I am about to leave a good solid/salaried position, have excellent credit, but NOTHING where I live is worth purchasing due to sky rocketing costs....looking to buy a rental property out of the area but feeling nervous. 

I live in a small coastal town in northern california....looking at these areas for the past year: 

Aberdeen, Wa 

Klamath Falls, Or

Coos Bay, Or 

Should I bite the bullet and get approved on a loan before leaving my job in 2 months? The clock is ticking!!!!

Or get a personal loan and buy as please without added time pressure - get loan now, buy over the summer? 

Thanks for your advice and support!

[Tyler Todhunter]

Welcome!  I invest in Aberdeen and it is a great rental market.  As for your question about getting a loan before leaving your job- you might want to investigate if that would be considered mortgage fraud.  I'm 10+ years out of the mortgage business, but they underwrite to your ability to repay the loan- and if you're qualifying with a job you intend to quit... One way to find out is to bring it up with your loan officer.  If you're hesitant to do that, it may be an indication that it's a bad idea.