NINA Mortages and property control

[Justin U.]

Hello everyone, I am seeking information on how to purchase and control a property without a job or work history. I have heard of NINA mortgages but I am not sure that that is the best route. In essence I was looking to find a property where I could put down up to 10k down payment on a mortgage ( loan ) for the property then post the property online. When the right tenant reaches out and after proper vetting I could apply the sandwich lease where I make money on the down payment and the monthly rent and lock them into a 13 month and pull residual income out of the property while saving for the next. Rinse and repeat. Is this a sound plan? What kind of Loan or mortgage could I obtain with no job history but a down payment? What pitfalls might I face? I’m in Houston TX btw

[Chris Seveney]

@Justin U.

Where you getting the $ to buy a property. NINA loans are non existent at this time. Without work history you would not get financing from a traditional lender, maybe a hard money lender but with no work history or experience it will be difficult. Maybe talk to some local investors to see if you can Do work for them

[Justin U.]

@Chris Seveney Thank you for your input, I wil certainly seek to gather some local investors. Most of what I have is savings and what I could scrape together from family members.

[Don Konipol]

@Justin U.

First off, you’re confusing a purchase with a sandwich lease option.

Secondly, while there are people who specialize and are successful in any particular business niche, you must access your own strengths, weaknesses, likes and dislikes to arrive at an investment or business strategy that works for you, in your geographical area.

While there are ways to buy property with no job and no credit history, your universe of potential deals just shrunk enormously. Just to be clear, if there are say 100 really good deals out there, all 11 are available to a cash buyer who can move quickly. 50 may be available to a buyer that can get conventional financing, 25 to a buyer who needs to utilize hard money, and 1 or 2 to a buyer who needs to put together a deal with the seller carrying back a mortgage. Most deals where the seller is willing to carry back financing are either hard to sell or priced over market.