FYI Just talked to a banker 4/24/20. NO SOUP FOR YOU!

[Kirk R.]

Lots of new people to real estate are always like. What should I do? fix, flip, wholesale, rent, invest, sandwich lease, CFD,..... ahhhhh! What to do?!

CALL A BANKER STEP#1.

Just took my own advice. Wouldn't the world be alot better if everyone took their own advice :)! ha

Until I'm back working getting w-2 income, banker said NO SOUP FOR YOU COME BACK 1 YEAR! (or at least when you're not unemployed)

https://www.youtube.com/watch?v=zOpfsGrNvnk

According to this banker. Current banking guidelines are they can't count unemployment.

& so ends my quest for another property at least for another month or so.

If any unemployed person, can't count their income during this and unemployment is >20%.  Can't imagine this not crushing the RE @ least near term.  In 100 years I'm sure RE will be back where it was (sarcasm) maybe 3 years :)

[Chris Mason]

FYI: This has nothing to do with COVID-19. You'd have to go all the way back to 2008 or so for temporary sources of income to "count" towards getting a 30 year mortgage.