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Updated over 4 years ago on . Most recent reply
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Borrowing without income
Hello Everyone! I'm hoping there are some trade tricks out there that you can bestow upon me. I've recently become unemployed. I've been fortunate and smart enough over the years to have the assets I need for a few down payments on investment properties and I have a partner who does as well. We plan to start a business together (LLC) and start investing in rental properties, multi-family homes to begin with.
Question is:
Does anyone know of a way to approach borrowing such that my lack of a traditional job with a paycheck won't get me denied by lenders?
I don't want to have to go get a job just so that I can demonstrate income to some underwriter. I want to use cash flow from rental properties to provide my income. It will take a while to earn what I used to, of course, but I have enough savings to support me until then. This will be my job in effect.
Thanks!
Jason