Unstable employment history - any recourse on getting a loan?

[Adam Gardner]

Hi all,

I'm a mid-20s guy looking to diversify into real estate. Right now I have about 125k invested in vanguard with about 80k of that liquid (taxable mutual funds), and about 10k in a plain checking account. 

I've been wanting to buy a duplex for a while, live in 1 unit and rent out the other. I'm unsure if I'll be able to get a loan, tho, because my employment history isn't great.

I had a great job out of college, but it was a volatile industry and I was laid off after 1 year. It took me 8 months to find another job in the same industry, from which I was then laid off from again a year later.

After that, I switched industries, but absolutely hated my job. I left after 7 months, thought I had another job lined up, didn't get it. Queue another 6 months of unemployment, until I got my current job. So far I like it, I'm doing well, and the company is very solid. Unfortunately, I've only been on the job for four months. 

So, really bad employment history, but I'm finally stabilizing it. I'm very financially secure with ~135k in total assets, no debts of any kind, and very cheap monthly bills ($350 rent, company pays for most meals, 100% free insurance, and free car/gas/insurance). My credit rating is ~792-800, depending on credit agency.

Will any of this help offset my bad history of employment, or am I SOL for now? I'm looking at duplexes in the 80-150k range.

Any advice on obtaining a loan would be helpful. I'm willing to put down more than 20%, but I don't want to buy outright as leveraging my cash is a big draw for me regarding real estate. 

Thanks