starting REI with no job


is it possible to get started in REI without having a job? that is, can you get 100% financing to buy the properties? anyone out there get started with no job and no money? I’d be more interested in rentals than flips or rehabs, would that be harder with no job or money?


you can do rentals with no job

You can wholesale properties

You can do it with no money but you have to have credit.

Yes, it is possible to get started in REI with no money and no job. The chances of success with this scenario are about the same as hitting the mega-lotto.

All businesses require money, credit, and a plan. Without these, you’ll just be the next statistic (business failure statistic, that is).

Good LUCK,


Sorry Swirlaze. Tell us your story! How are you doing it?

Anyone started with no job, decent saving, great credit? How do you started and how do you do so far? Even better if you relocated for REI :-). Would love to hear…

What about no job, decent credit (meaning FICO in mid 600’s) with about $60,000 cash to get started? And I am not talking about in a hyper expensive market such as in the northeast or in CA.

You don’t really need a job or credit to get started if you are creative. I have a lot of friends in our local REI that don’t have a job or credit. They just look for the right deal.
Land Contracts, maybe partners, Creative Closings etc.

I do think it will get you going faster but I don’t think it is the difference between buying real estate and not buying real estate.

There are many books out there on buying property without cash or credit. So I would never rule it out.

Buying the property without money or credit is EASY. Keeping it and/or making a profit without money or credit is MUCH harder. If you truly have no money or credit, what do you do when you have a furnace go out? or the tenant tears up the house? or the rehab surpasses your estimate? or the market becomes soft? The problem with having no money, no credit, no job is that you have no cushion for contingencies. Can you buy a house under these circumstances? YES! Can you run a business with no money, no credit, and no job? ABSOLUTELY NOT!


Who said ‘NO MONEY or NO CREDIT’?? I said that I have about $60,000 to invest + about 6 months living expenses (since I am relocating to a city far less expensive than the NYC metro area) + I am paying off most of my credit card debt.

So in a sense I will be starting with about $60,000 or more in cash to invest, a 680+ FICO (if the FICO simulations are correct), and a RE license.

However, I would never dream of considering REI in any fashion with no money or bad/no credit.


Actually, I was responding to Ramona’s post. However, your big problem with no job is that you’ll have a very difficult time getting a loan. Contrary to what all the late night TV gurus teach, the vast majority of deals require money to purchase the property. I understand that you’ve got about $50K to spend, but that means you’ll only be able to do one or two deals if you’re spending cash. With $50K, you would be able to do an unlimited number of deals if you could borrow money from a bank.
You could pay cash for a deal and then refinance getting all of your money back plus some cash to spend.

It is true that there are a much smaller percentage of deals that can be done sub 2 or seller financed. I’ve done deals just about every way they can be done. Can you get started with good credit and some money? Yes. Will it be MUCH more difficult without a job than with a job? YES.


“Will it be MUCH more difficult without a job than with a job? YES”


I’ve been told by mortgage bankers and brokers the same thing that you just said in your post. I don’t understand how you can be labeled “higher risk” if you have a job and can only, for example, put away $2,000 per month compared to someone that might have $150k cash without a job.

Any ideas?

Thanks in advance,



I think that there are several reasons that it is harder to borrow money without a job than with one. If I were the banker, I’d wonder why the person was unemployed. Are they a bad employee? Can’t hold a job? Incompetent? Troublemaker? Also, if you have no job, where’s your money coming from? Having a pile of cash is nice, but without a “guaranteed” way to replenish it, how long would it last? I’m sure that you’ve heard that the majority of the big lotto winners have to declare bankruptcy within 5 years. Having a pile of money is no guarantee that you can manage it. Moreover, our entire society revolves around the concept of having a job. The vast majority of people have a job and without one you’re kind of an unknown quantity.

However, the real problem is not the lack of a job - it’s the lack of a job AND the lack of a history of being self-employed. If you had no job but had been successfully self-employed for many years, then you would be in good shape for a loan. That was my situation when I started REI. I hadn’t had a job for more than a decade, but I had been successfully self-employed and had a spotless credit history. The banks KNEW that I would repay any loans that I asked for, because I had a long history of doing so.

That’s about the best I can do with this subject. Maybe 4EEM (Patrick) can shed some additional light on this.

Good Luck,


I thought you were talking about me for a minute there LOL that is me to a T!!! I have tried working for others and it just never worked out! This one time I managed a company and the boss called me from his vacation and told me to make better management discussions so I fired everybody then quit! So I can’t work for others I have to be self employed…



…and he runs with scissors!

Denny Crane

The Dems problem is the Dems…they have no message! Well, unless you count “You just give us all your money and we’ll take care of you – trust me, I’m from the Government” as a message.

ok So I registered for one reason…i was reading this post and saw alot of advice…

The problem with advise is although its free its of no help to ANYONE without a SOLUTION.

Here’s a solution for Nick and anyone else who needs to get started with no credit/cash/JOB

Find and create a relationship with a hard money lender !!!

They do not care who you are what you do or how much money you have in most cases.

I have been rehabbing for over a year after doing assignments since 2000
Now assignments are great but you must be able to wheel and deal on the phone to get the deals or have a few wholesale retail contacts and they are out there …I have a book full of them thruought the country…So just get the contract on a property that would net the retailer 25 to 30% and youre in business youll only net 3 to 10 k but is that ok ? for one deal? i think so

He lends 70% on the arv after rehab value… Yes the rate is 13-18 % but who cares if you are flipping…plus you have to pay points if you want to deffer payments for 6 months< essential>
im most of my deals i didnt pay a dime upfront to get the property !!
now am i making less buying paying thru the nose on interest and points.? maybe…

Who cares though I if ive walked out with a profit…ANY profit and i didnt have cash/job/credit
I.m happy.
DO you have to do the work to find proerties that have a 70%ltv arv?
nope…find a great realtor,tell her/him what you do and what YOUR lender requires…and they will find you the deals…dont look thru the paper…yes realtors inflate prices some but who says you have to offer the selling price…duh…

Now if you are rehabbing…be sure to find yourself a reliable guy that is LICENSED.
tell him what you are doing in the area…and ask him point blank if he will defer/work with you on upfront costs in lieu of part of the profit…
sound like yea right? its how i started and me and my partner/contractor have flipped 7 homes this year already…
only once did i come out of pocket ! never had to qualify for ANYTHING

you see the lender isnt interested in YOU just the potential equity in the property!
if you fail on the loan so what…he now has a property with equity…
now you will NEVER get the repair money upfront bcause thats the lenders security that u wont run off
Just build relationships in your farm area it is essential.

Oh and for anyone who wants my lender name ill gladly give it to you at the bottom…
Great news for you Nick …hes based in Austin, Texas
If you have 60k as well you might check with them on investing the money as a hard cash lender yourself and make the 12-18 % return and do no work at all. I do

Simply put i guess… If i offered you 13_17 % return on 60k secured by a real estate lien would you take it? answer should be yes here…thats how you go about financing your deal…
give a little extra in the end to get in the front door…
btw i routinely offer 12% to folks that want to invest in the rehabs i do in south florida/cocoa beach…if you are interested.

Heres the lender website…

ask for rebecca tell them lawrence sent you
the owner of the company is mike cantrell
he is a great man aside from his work as well
I have no affiliation with him he just is my go to guy…
read all up on the site first before calling …
If you folks have any other questions you want to ask me personally feel free to email me


My reason for this very long period of unemployment of 4 months is because I am completing my MS degree in Finance, along with taking the Real Estate required classes & NY state exam + I am taking 2 parts of the CPA exam in two weeks.

I was let go from my last real ‘coporate job’ and got 3 months pay + unemployment insurance, plus I have enough saved. So no I am not ‘lazy’, ‘incompetant’, or a ‘troublemaker’.

Mike, you sound like the classic ingrained corporate HR ‘executive’ (a term I use loosely) who summarily rejects anyone who has not worked (for whatever reason) for over 2 months and ostracizes anyone who returns to school full time or decides to start their own business.

Unfortunately, self employment and real estate sales/investment full time is also looked down upon by the corporate hiring authorities so don’t think that if you go out on your own to do REI or sales full time that you can get back into a traditional job.