Airbnb or house hacking?

[Forrest Hollingsworth]

Hey everyone, I am fortunate to be able to say that I have two potential options here. I'll preface by stating I am a complete newbie to real estate, however I have followed BP for about 10 years now.

Option #1: House hacking

I am currently unemployed, but have a chunk of savings for a downpayment (roughly 50k) if I decide to go the route of house hacking. The question here is, if you were currently unemployed, but could put down a reasonable downpayment for a house, how would you do it? How could you get approved for a loan? is it even possible? if so, could you suggest the most efficient way to acquire my first home?

Option #2: Glamping

A relative has raw land with amazing views. I envision it to be perfect for a retreat or glamping/off grid Airbnb operation. I have played with the idea of putting an off grid tinyhouse on the property to see how it does and grow (or not) from there.. The major downside is the rugged road through the property.

Given these two options, I'm just curious what you guys and gals with the experience think of it and what direction you would go if it were you in my shoes. I really appreciate any advice!

[Rachel Davis]

Hi Forrest, welcoming to the addicting world of real estate investing! 

In all honestly in your situation, I wouldn't put any money into real estate until securing stable employment. Real estate is a very expensive game and you need to make sure that you are financially stable and able to withstand potential losses. Patience is a virtue. 

Getting a mortgage without a job will be near impossible without going with an alternative loan product that will come with a high down payment and high interest, which is not the "househacking" way.