Investor Guide To Buying A Home
by Wendy Burton from Citrus Heights, CA USA
Regarding an investor guide to buying a home: Can I purchase investment properties and rent them out without being employed? I have the down payments, but where can I borrow the money for the purchase if I am unemployed?
Kate Answers: Investor Guide To Buying A Home
Hi Wendy, True, there are many real estate opportunities on the market right now. It is very tempting as was buying a house with a subprime zero down mortgage in past years.
So I suggest investors without an income proceed with caution because in spite of rents being sufficient to cover the mortgage, there will be times the property becomes vacant. During vacancy, the monthly house payments cannot be postponed. Of course as with any house, there is also the need to budget for repairs.
More specific to your question, many of the lenders who originated no-documentation mortgages in the past are either out of business or no longer offering these types of programs to borrowers with unverifiable income. I have another thought, though. Have you considered pooling your downpayment funds and buying fewer homes with cash?
Another Reader like you asked for help with refinancing her rental property which turned into a good discussion. You can read it here at Help With Real Estate Investor Loans
where you will also find the link to her original question.
At the bottom of the page, I have provided links to uncommon information about buying and selling a house to supplement this Investor Guide To Buying A Home. By all means, please let me know if you have more questions.
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