All Forum Posts by: Amelia Ghold

I'm West Coast first time buyer with a small chunk of cash. It will go further on the East Coast, but I don't know much about the Eastern counties. I drove the the length of the East Coast recently and found one town that I like, but I didn't go far from the inter-state.

I'm curious how many of you live West and invest East.

How do you evaluate a prospective property if you've never seen the neighborhood or town? Are you seeing trends in West to East movement?  South to North?

Hello. Thank you for reading and sharing any thoughts or key search words that might be helpful.

I am a first time buyer with bout 220k cash in the bank. Due to an illness, I cannot work consistently. I am living with family. Its not ideal, but its an option for now. I have good credit and no debt. Its challenging (and seems risky) getting a loan without income. I am in Oregon, its a feeding frenzy here with multiple escalating offers. I'm about 20k shy of affording most of the turn key small starter homes. My plan was to live with roommates until I can generate income via home business - or live with family and rent my house for income.

I have two goals: To own/occupy my own place, and to acquire multiple single family rental properties over the next few years. If the West coast is priced too high for a beginner to gain any leverage, then I'm open to the East Coast (though I would be in unfamiliar territory).

-How might an unemployed person with no income make the most of 220k cash? Is buying all cash the smartest first step to ownership under these circumstances? 

-Are there circumstances in which a lender will accept potential rent revenue as proof of income?

- Is there a low-risk, hands-off way to increase my liquid funds by maybe 10K or so within a couple months without taking a loan?

Open to new ideas and concepts.

Thanks!