Loan Preapproval for a College Student with No Income

[Jakob Claret]

I'm a college student about to graduate, and I'm looking to buy a multifamily property rental or house hack. 

I'd like to get preapproved for a loan, but at the moment I have no job or stable income. I've got a mid 5 figure stock and bond investment portfolio, but I don't know if I should bother getting a hard credit pull for preapproval since lenders care more about income than savings.

Should I still go forward with the preapproval process or should I just try to get a job with stable income and help other investors wholesale while I gather enough funds?

[Greg M.]

Sorry, but it sounds like you're not ready for buying a multifamily property. No job and only ~$50K in investments is not a stable position.

You didn't provide numbers, so I don't know what price range you're looking at and what type of rental income you're expecting, but it doesn't sound like you can swing the down payment and have enough reserves for any unexpected major expenses that pop up. Not to mention what happens if something comes along like a pandemic and your rental income stops for a year?