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Updated about 6 years ago on . Most recent reply

User Stats

4
Posts
2
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Lou Jo
  • Rental Property Investor
  • Brooklyn, NY
2
Votes |
4
Posts

how to buy a house without a job ?

Lou Jo
  • Rental Property Investor
  • Brooklyn, NY
Posted

I found a very good deal on a 2 family house which can provide me a cash flow positive. Problem is I don't have a job at the moment as I am living on the cash flow of my 1st house.
What strategy can i use to convince a mortgage broker to give me a mortgage ?

Most Popular Reply

User Stats

901
Posts
806
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Dan Maciejewski
  • Realtor
  • PInellas County Largo, FL
806
Votes |
901
Posts
Dan Maciejewski
  • Realtor
  • PInellas County Largo, FL
Replied

Ouch -- it looked like  @Nathan Rude was just trying to get you to see the position you are stating you're in from another perspective, not be rude!

There are commercial products for small multi-families out there that can approve you based on your assets and if you have enough cash for their required reserves.  They will be at commercial rates, usually above 7%, and will require at least 20% down payments.  I know Blackstone was issuing these and many lenders in my area are offering them.  

You should start contacting lenders in your area and asking if they offer anything that looks like that.  Most of the bigger banks are not interested at all in lending to anyone without verified income from a W-2 or 1099 job with 2 years history, so you're going to be looking for smaller lenders and those that you haven't heard of from ads.  Try going to meetups and REIAs -- these lenders go where investors and Realtors are to get their business.

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