I'm Unemployed, Can I Still Invest?
That's the jist of my question, I'm unemployed and I want to get into investing in real estate. I've got desent credit, plus $5,000 in the bank. I've read up on some ways to make my credit even better, but I'm concerned that my lack of a job will scare off lending institutions. Are my fears unfounded? Can I invest without having to qualify for a loan in some form or another?
Please Respond,
Determined Newbie
Right now, finding a new job IS your job.
But you can still have a hobby: finding good investment deals. Unless you luck into a great deal with little or no money of your own committed, try to bird-dog the deals you find to others. That way you'll learn what a good deal looks like, and probably make some money along the way.
Call my crazy but I jumped into investing with no job! I'm not wealthy yet but i'm not in it for the overnight results.
Just get as much credit as you can. Credit is very easy today, just get as much as you can!
Cash is king, but credit lines are heaven.
A job is necessary if you are seeking conventional financing for your real estate. However, it is NOT al all required for real estate investing if you use creative means. Read some of the articles onthis website about "subject to" and Lease options. If you can find some motivated sellers, you may not ever need a job again!