Mortgage with assets but no job

New / Eng
tzEI32

New Eng

PRE
Bank of America, PNC, Dragonchain
tzEI32
Apr 26, 2021 9 Comments

I quit my job in February because it wasn't as described and my skills were atrophing due to lack of use. I didn't have time to leetcode/study and interview with the job and all the life stuff going on outside of work. I have a little over 2 years salary in liquid assets (stocks, crypto and cash) which is enough to cover expenses for > 4 years and I have consistently made more money month over month than I made working from trading while I get some personal things worked out and study before searching for a job.

I sold one of my houses last month and would like to sell my current home too but it needs work. I have neighbors that are making me and my families life miserable and just need to get the f out of here. I want to travel but also have over 100k worth of stuff in my house (excluding cars) and have had a few attempted burglaries this past year. Im trying to figure out a solution to get all this stuff out of here and go travel the country in my rv without having to worry.

Is it possible to get a mortgage now or will I have to wait until I get another job?

I've considered renting but I'd prefer to buy. I mainly want somewhere where I can keep my stuff indefinitely without having to worry too much about burglaries, safety or my stuff being mistakenly auctioned off.

I've also been eyeballing these personal warehouse things with 24/7 security. The main benefit of thee over a house is I could also store my rv and could probably live/work out of one. Short of buying a house in a better location I may do this for now while I'm traveling but would still like to maximize available liquid assets with the purchase if possible.

CURRENT TC 0 last year's TC 150K job 160k trading

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TOP 9 Comments
  • Uber
    itgksn

    Go to company page Uber

    itgksn
    New rules after the housing crisis make this not an option unless the income from your investments is enough to qualify for the mortgage. You might be able to find something but the rate will be very high
    Apr 26, 2021 6
    • New / Eng
      tzEI32

      New Eng

      PRE
      Bank of America, PNC, Dragonchain
      tzEI32
      OP
      How is that mortgage fraud?
      Apr 28, 2021
    • Uber
      itgksn

      Go to company page Uber

      itgksn
      Starting a business that does nothing but pay you so that a lender will give you a mortgage is fraud.

      Underwriters will probably also consider you self employed which has a whole different set of documents you have to provide to prove your income and stricter underwriting standards. You’d have to provide things like two years of tax returns and financial documents about the business, statement from your cpa, etc
      Apr 28, 2021
  • LinkedIn
    UπŸ’°SπŸ’°D

    Go to company page LinkedIn

    UπŸ’°SπŸ’°D
    It’s possible if you have a lot of asset. Say you want to buy a $1M house and you have $4M asset or something.
    Apr 26, 2021 0
  • IBM / IT
    E10-66

    Go to company page IBM IT

    PRE
    Verizon, IBM
    E10-66
    If you have money then buy your house with cash. Getting a mortgage is about the same as being robbed but slower.
    Apr 26, 2021 0