Unemployment, Loans, and Limiting Beliefs

[Dave Olverson]

I am ready to start real estate investing and add to my portfolio of 2 SFHs. I have confirmed that I will be moving to the Durham area in 2017 and want to dive into that market (already done a lot of research).

However, I have been putting off doing this because I am currently unemployed (startup company ran out of funding).

Is this reasonable, or am I running into limiting beliefs that won't serve me well. Is there any way to get a long term loan without a job? What if I have the money in my accounts to cover the whole loan if need be? I fully expect to get a job relatively soon, but I always assumed that banks will only care about the unemployed status.

Here are the rest of my details and what I am trying to do:

Option 1: Look at something in the 50-60k range that needs 30k of work. I'd want a 30 year loan on the whole shebang (I would want to keep my exit strategies open to sell it right away or rent it out for the long term).

Option 2: 150k range with 50k of work. Same basic setup, but would need more money. I still can prove I have enough money in the bank to cover this loan, but I'd feel a little out of my comfort zone in terms of risk (but maybe that's a good thing).

So, being unemployed, do I have any options to get access to capital amortized over 30 years, or at least 15? Or was I right the first time - I need to wait until I get a new job...

Thanks!