Mortgage for Rental Property with No Income

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Hello, I am a newbie investor with a question about rental properties and a mortgage. I have owned two properties before but never for the purpose of rentals. I recently sold my last home and am also in the process of changing my career. The nature of my path has led me to volunteering and interning for the near term.

I have some cash from my last sale and I'd like to make my first rental property investment. My ultimate goal is to have 4-5 in the next 5-7 years. It might be ambitious but I am pretty sure I can make it happen.

My biggest challenge is knowing if it is possible to get a traditional mortgage with no income. I am thinking about purchasing my first rental property in the range of $100-150k in WA, with at least 50% down. I have enough cash to purchase 2 of such properties in cash if I wanted to, so I am hoping it wouldn't be a problem to get a mortgage with no income, but I also wonder if there are any banks that would even humor that situation.

I really want to capture low interest rate that we still have. If I can't I might pursue private lending but I know nothing about that avenue and would rather keep things as simple as possible. My last resort is asking family to co-sign but would rather not go that route.

Thanks in advance for your help and advice!!

[Mike D'Arrigo]

Originally posted by @Deric Lamphiear:

Here is something you can consider:  Purchase a rental property, fix it, and rent it out.  After a year or so, you will have established income and can take a loan secured by your interest in the property.  Then you can use that money to finance your next property.  

You can also find properties that offer owner financing.  Feel free to contact me if you would like to go over some of the numbers.

I think this is pretty risky. Where will the income come from in a year? Even if he has some source of income in a year, a lender will require 2 years.