Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago,
No job, 800 FICO, 200k cash... can I buy rentals w/ 20% down?
Hey guys, as the title says, can I buy investment properties with 20% down if I have no current job, but an 800 credit score and 200k cash? I have ZERO debt, only bills are car insurance and cell phone. Here's some more details on my situation and intentions:
Was working for a company for 3 years making $65-85K but quit in April 2018. Sold my house and took a 6 month sabbatical to travel. Now I'm back and living in a rural area where homes are cheap ($30-70k) yet rent is $800 plus. I'm considering many different options for generating income right now, including but not limited to investment properties. I'm really hoping to not go back to a cubicle if possible, and looking for ways to leverage my cash at hand.
I would be interested in trying a mixture of rehabbing and rentals, depending on the scenario. I'm a pretty well rounded handyman at this point, having a construction background and have completely gutted and remodeled my last home myself, so the maintenance and renovation aspect would be somewhat covered. I also used to have my real estate licence (Florida) and worked as a property manager, managing about 60 single family homes and condos. I'd like to do shorter term mortgages (no longer than 15 years) and future disposable income would go towards paying down the mortgages ASAP. I HATE debt.
This is definitely not something I am all in on, it's just something I'm considering looking into more if the mortgage aspect of it is possible. Sure I could buy a couple homes cash but I could buy several more if I do 20% down. However, I have no current income source, I am living off savings. I'm not sure what options, if any, are available to someone in my situation. I would like to know if I would qualify for a loan (or loans on up to x properties) based on my credit score, lack of debt and cash savings. Is this possible, or not without a current income source?