Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 12 years ago on . Most recent reply

User Stats

39
Posts
0
Votes
Val Dufour
  • Real Estate Investor
  • Denver, CO
0
Votes |
39
Posts

Zero income financing options

Val Dufour
  • Real Estate Investor
  • Denver, CO
Posted

So,
I'm a new investor and reading a lot but haven't seen a direct answer to this question. Currently I have a good paycheck, excellent credit and low 6 figure net worth(approx 75% liquid). Getting mortgages shouldn't be a problem for me.
But alas, I'm growing tired of the military and am considering getting out. If I do, I'd prefer not to get a regular full time job and would like to devote all of my time to real estate investing.
My question concerns my financing options. What options are available with zero income? What criteria would help you secure loans of that type?
Obviously seller financing is the go-to in this situation, but I'm wondering what other options there are out there? If any...
Thanks!

Most Popular Reply

User Stats

4,456
Posts
4,295
Votes
Ben Leybovich
  • Rental Property Investor
  • Phoenix/Lima, Arizona/OH
4,295
Votes |
4,456
Posts
Ben Leybovich
  • Rental Property Investor
  • Phoenix/Lima, Arizona/OH
Replied

Val,

The guest Jason is referring to is yours truly – pleased to meet you both :)
First of all, thank you for your service! Secondly, if you haven’t heard the podcast, it is number 14. I do in fact specialize in creative finance, and it is what I teach. Having said that, please read this article I wrote for BP a while back:
http://www.biggerpockets.com/renewsblog/2013/03/26/should-i-bother-with-college/
While you have the income – use it. Fannie will let you have 10 mortgages; Freddie will let you have 4. Earned income is necessary to obtain those. If you do it right, though, you can bypass the down-payment requirement – this is a little creative. After you get to the max, then you have to operate on the commercial side and/or get very creative. Think twice before giving up earned income.
It never hurts to think outside the box, but I wouldn't try to change the rules of the game. Use them to your advantage!

Loading replies...