Investing While Renting & Temporary Work?
I would like to purchase a foreclosed home for my primary residence, however, I don't have a permanent job (the assignment I'm currently working has a STRONG possibility of going permanent) but have a good substantial amount of money in the bank (which I don't want to spend).
It wouldn't make sense for me to invest in real estate if I'm still leasing an apartment. I'd like to own my OWN home before doing REI.
Basically, I'd like to purchase a foreclosed home with 100% financing. How do I go buy finding the money? Government grants? Hard money?
Also, is all of this possible while working temporary assignment jobs?
You're in a better spot than you think. For one thing, you probably still have a renter's mentality going for you--a good thing--and a sense of "the trenches" around your area that us fancy-pants investors in our suburban mansions don't (haha!). Read up on Lease-Options. You could find a place for rent--maybe nicer than where you are--and offer to buy it on Lease Option and rent it out for a premium to someone else, there's some great ideas for explaining this in a persuasive way that could serve you well.
Scour the forums here and you'll find so many ideas you'll need to be pulled away from your computer with wild horses. Cut, paste, save, and print to your heart's delight (I still do that). Also, look at some of Conti and Finkels info (they have some affordable books, check www.Half.com or EBay or Amazon), they have a good way of explaining creative deals to sellers.
Don't be averse to using a little of your money if you have to, it can grease the wheels sometimes. Those zero down deals aren't always as easy to find as we're all led to believe, at least not til you get your bearings. I was where you are 6 months ago, and I already have about 25 properties (OK, well some are just bare lots) and I'm having a blast. Good luck!
How is your credit?
Start researching for loans, grants, gifts, for first time buyers for your locality, county, state. Call them w/ ??
Your temp status should not matter if you are consistent w/ a history. But keep looking, too.
Always be prepared!
Have you looked at how much you pay in taxes?
Whether you buy to live in, or rent out, that is one of the biggest affects that RE has.....taxes.
~My opinion~
Loon-
Way to go you are truly a New Years inspiration 25 props who cares if some are vacant lots . Could you share how you did it so fast 6 months with some of us . I currently have 2 rentals but would love your input on how to get to where you are that fast. Keep it up!
la2la
Thanks Loon and CeInvests for your advice.
My credit is good. As a matter of fact, I sent a letter for my FREE annual credit report request. I'll review it to check for any discrepancies.
FearofREInvesting, you are actually in a good spot. Money in the bank and a temp job will give you the flexiblilty to do RE deals while keeping a steady flow of income from work.