NEW INVESTOR! Cash saved up but no job

[Masood Amin]

Hello BP!

I am a new investor based in California and I am very serious about investing in real estate. I have saved up about 100k but at the current moment I do not have a job so I do not qualify for financing. What is the best way I can borrow money with my current situation? I am mainly looking to invest in states other than California such as Cleveland, Indiana, Kentucky, or Alabama.

Side Note: Is there any investors who would like to partner with me? If not, Is there any investors out there who I can shadow with their investments and help them in their journey free of charge? I am just looking to gain experience and am willing to dedicate my time with any experienced investors. I am very determined person, just finished college with my Industrial Engineering degree, and just finished my contract working at NASA here in California. Please let me know.

[Jason Shackleton]

Hey @Masood Amin congrats in saving up $100,000. Traditional financing is not going to be possible with no job unless you were to find a mortgage qualifier/co-signer perhaps. You are likely best to get a job and let time pass so you can get traditional financing. But who knows how long that will take and what will be the lost opportunity cost be as you wait? Will it take a year to look solid on papper? If so what is the cost of missing out on a year of investing experience, mortgage paydown and possible property appreciation as your cash gets eaten up by inflation?

You could partner for sure but generally these partnerships come with the downall of giving up 50% of your equity and control. We invest in real estste for control and options. I woulden't want to wake up one day to hear my partner has decided to sell for whatever reason. Maybe it's a bad time to sell or maybe he just wants to exit real estate in general.

If I were you I would highly consider the private money loan option. Some of these rates can come in the 5%-6% range right now for long term rental financing on good assets and no you don't need a job as the asset is what is looked at mainly.

I hope this helps,