How to get financing without a W2 job?

[Kat Hussey]

Hi there! I have about 30k set aside just for our first investment, but don't have a job to qualify for conventional loans. We're planning on flipping the first investment and using those proceeds on our second investment, then repeating but renting out the third investment. I had a job but due to Corona, was laid off.

Do you have any recommendations for how to finance our investment in this situation?

[Dave Spooner]

@Kat Hussey That's going to be tough. Some banks and lenders are willing to get creative and will often accept your tax returns and bank statements as proof of income if you don't have traditional income, however, if you have no income at all at this time, that likely won't fly.

You may want to hold off until you're able to secure another job. If you're intent on purchasing now though, you'll likely need to either find a co-signer or a hard money lender willing to take a bit more risk (although that could be more expensive).