I’m just getting started, I think this is around my 4th post. I’m not really sure if this is the correct place to post this question, but here it goes anyway. Living dangerous!
Are there issues we are going to run into if we purchase a property before the end of December? Such as coming up with money for taxes? Does it make a difference if it is FSBO, MLS, short sale or a REO?
This is all new to me. Due to circumstances threw out the years we have never owned our own home. We have been throwing away money on rent for way to long.
I was planning to buy investments properties and raise our income then purchase a home for ourselves.
As I am writing this I got to thinking, am I going about this the wrong way?
I do know there are advantages for first time home buyers. I am a veteran and we have never used my VA loan. The $8000.00 first time buyers credit as well as by owning a home you gain certain write offs. We don’t have a down payment of any type and we can not afford a very large mortgage. I’m not sure if or how we might be able to get in a home. We have not used credit for anything in over 11 years, as far as I know we have no credit rating. The only proof of our credit worthiness would be from our rent (We have never been late) and I have worked for the same company for 12 years now. If I'm able to structure a "killer deal" and purchase a home with good positive equity should we be able to pull the equity out or use it as collateral to purchase more investment property right away?
Are we missing a big opportunity here? I know this may seem strange I am just now thinking of some of these ideas as I am writing this.
Should I be getting out there and talking to a broker and realtor about our situation or focus on investments first.
Thank you and have a great Thanksgiving
Mark & Julene
"To continue to do the same thing you have been doing and expect change is a sign of insanity"
I hope you all are having as much fun as I am and good luck!
Have a great day!