Investing while on severance pay

[Ashley Toombs]

My company is offering 52 weeks of severance pay and benefits and this would be an amazing time to launch a true real estate business. We have one condo currently. I have been told by my mortgage broker it would be difficult to get lending while on severance. What are other creative ways to get money to buy?

[Curt Smith]

Your #1 job is to get another W2 job!  Get another job first.  Hiring companies unfairly stick their noses up at candidates who have not worked in 6mo+.  Start interviewing now!  Don't be foolish and hold out for a same or higher pay.  Your job is to get any decent W2 job even well below your current pay.

I bought, rehabbed, rented 30 rentals while working over just 6 years.  You can do similar while working.

If you don't get a job asap; you run the risk of becoming un-hirable, will have to settle for even lower paying job.

A good W2 job will allow you to get the best rates via bank rental loans. With out a W2 you can only get soft money, portfolio, asset based 30 yr loans, sometimes called asset based DSCR based 30 yr loans. Look up Finance of america (for non-W2 lenders, they are the best otherwise: Lima One, Angel Oak Primebridge).

The same argument is used by folks on un-employment,,, na don't have to get a job right away,,, walk un-employment out to the last week, OOOH DEAR have to get a job.  Too bad, no job no un-employment either.

Be smarter, get a good job asap, 100% of your effort put into resumes, door knocking prospective employers, talking to HRs.  Get that job, settle for lower pay and job you can like(ish) if its offered.  -- the market is cooling so are jobs --