Getting a loan with no or new job

[Joe Cayse]

Hi, BP. I will be getting out of the Marines in about 6 months, and I want to get into REI through flipping and reinvesting profits into SFRs. I have a BS degree and experience in electronics, so I can find a job if necessary, but I want to make REI my full time work. This obviously has implications when trying to get approved for a loan if I don't have a job or if I just started one.

What kind of creative methods have any of you used in a similar situation? Maybe a Co-signer? At this point I think the best course of action is to find a job for income while I get started and eventually quit when I can show success in fix and flip deals. What does BP think?

[Jaime Frausto]

Other option is to get into commercial 5 units and above, which in this case the deal is based on the property how it performs.