Approval for a loan if your on unemployment?

[Amanda L.]

Have proper savings. On unemployment because of corona, work in event spaces with crowds in NYC so not sure when I'll be allowed to work again. Curious if I have a chance at being approved for a loan to buy my first rental property, regardless. Have a high credit score, if that's relevant.

Thanks for any input!

[Grace Widdicombe]

Hi @Amanda Lensink, 

I recommend that you ask a more open ended question and you'll get a more interesting answer, something that you can use to help you.  Here's the question you should ask: 

"How can I obtain rental properties without a W-2 income proof?" 

The answer is through seller financing!  (That's one way) And another way you can buy rental properties is through the method of subject-to.  

Research these two methods and learn what they are, what they mean, and how to present yourself to sellers.  These methods best work if you are negotiating directly with the seller, and not through a real estate agent.   

Here's a link to a previous BP article on Seller Financing: 
https://www.biggerpockets.com/blog/obtaining-seller-financing-in-real-estate

There are many threads on BP regarding Subject-To - which means you buy the property subject to the existing financing (you make the mortgage payments from now on.)

I hope this inspires you.  I know it inspires me. 

Grace