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Updated over 4 years ago, 05/15/2020
How do you quit your day job if you need a job to get a loan?
Hey everyone,
I live in Los Angeles, got married just before Covid hit, and my wife and I want to move to another state to start our lives, and hopefully a new financial freedom in real estate investment. Whichever the investment strategy, we have fantastic credit, under 10% debt to credit, and more than enough cash savings to provide for a solid 20%+ down payment in any over-priced market, Problem is, we don't know how to get a loan if we need to prove income but we cant prove income because we are "non-essential". With all of Los Angeles shut down, the longer we are unemployed, the more we dip into savings, and we can't move to another state to buy property unless we have a job which we can't get unless we are a resident of that new state.... quite the conundrum.
So help me brainstorm, how do we get out of our "day job" to commit all of our time to this new career endeavor? What does a lender need to provide a loan to a person that only does REI?
How did you guys start doing this full time?
Thanks in advance