All Forum Posts by: Ben Jespersen

I plan to buy my first full on rental (we’re currently working to make our home a house hack) in 3 months. I want to take that time to find a great place to invest for cash flow and set up a team so I can do almost everything remotely. 
I’ve read a few things about cheap prices in the Midwest and have been looking into it. Any advice on where I could focus to get the best cash flow for my investment? 
I have about $20k to put into the investment and should have more by the time I’m ready to buy. 

@Brian Van Pelt I didn't quit until I had the new job already. It has much more opportunity for me to make better money than the retail job could ever give me. I would say I am a very competent person and I talked with a lot of people before making the decision. 

@Elena Livins I kind of figured that, I was wondering if anyone had experience with private lending that might help... My wife does work as well, but she is also an independent contractor. 

We do make very good money and save what we can, we just aren't to that point yet. We aren't going to buy the house, I just wanted to see what people would do in the situation.

This is my first post, so please forgive any mistakes or blunders I make during it.

I just quit my retail job yesterday and am starting work as an independent contractor for a flooring company. I also just found a townhouse that my wife and I want to buy, live in it for a year, update it, and sell it for a good profit. The property has a lot of upside, we can build a third bedroom in the basement, update the kitchen and bathrooms, and the market keeps going up with a lot of people migrating into the area. 

My question is, how can I buy the property with no money down and no job? I've spoken with a lender and asked about hard money lending, but I don't have a big enough chunk of money to put down. I wouldn't qualify for FHA or conventional because I just quit my job. And I don't have a 1-2 year job history as an independent contractor to prove how much I'll be making.

What would you guys do in this situation?