Hello All,
I’ve been out of work for over a year. However, I consider myself to be a full-time RE investor. I must say that all my expenses are not totally covered by my properties. At the moment, I’m trying to sell my smaller properties to concentrate on buildings that have 12 units or more with a minimum of 25% equity.
I have the 30% downpayment and the excellent credit score, but my unemployment status is a concern. Has anyone been accepted for a multi-family loan, even though you’re unemployed and your personal finances are not being covered by existing investments? After all, commercial properties are supposed to be based on the income of the property alone. But is that true in this economic climate?
How do I get around my unemployment to get a loan acceptance?