i have been approved to buy a home. but iam not ready to move into a home yet iam still renting in a lease. but i wouldlike to get into investing in real estate fliping rehabbing. can someone tell me what would be the best thing for me to get started thanks.
well do you want to buy a home to live in? or do you want to invest?
do you want to do both? i.e. buy a property, live in it, rehab it while you live there and then sell it.
married? kids?
I’d suggest reading Gary Keller’s book, “Millionaire Real Estate Investor”. It’s not tips and tricks, but a step by step plan for developing an investment business model.
Paul
Without knowing all of your circumstances, I can tell you what I would do in my marketplace if I were approved for a home.
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Look at HUD homes that can only be purchased by owner occupants for the first ten days. (Eliminate investor competition, which usually keeps prices down and your equity up.)
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Live in anyhome that I buy right for 2 years so that I can sell without paying capital gains, and mover every 2 years each and every year there after.
Eric Medemar
Eric,
What does “…and mover every 2 years each and every year there after.” mean?
Keith
It means I type like a second grader.
It also means that if you live in your home as an owner occupant for 2 years you can sell without paying capital gains.
Ericmedem,
Where do you find those HUD homes you are referring to?
thx,
sditsurfer
No, I understand that part about exclusion of Capital Gains…what was the part about “every year thereafter”? Did you mean every other year thereafter?
Keith
sdit
this is one of MANY places to find these types of homes.
contact a registered agent and look at houses through them. they CAN BE a great resource. just double check all their information. call HUD and get contact information to gather more info and also visit the hud site.
there’s ALOT to take in, but just keep plugging away!
i want both but just talk to broker today and was told ineed to get my scores up higher to get 100%
also iam lock into a lease.
iam lock into alease right now so i would not be able to live in the home.but i would like to get some investment home.
i can buy a home now but iam still lock into a lease. but i want to get into investing what would be the best way to get into investing. i found some local investers here that are will to work with me. what are some of the best way to marketing to find deals.
dtrump,
just out of curiousity…how old are you? what is your background again?
why do u ask that.did i say something out of place iam still new to all of this iam trying to learn. or are you trying to be funny.
Back to your original question. Remember that this is a business. You work your business to make money to support your lifestyle. That lifestyle can include living in a house that you own or rent. It really doesn’t mater. Right now you have a job. That job provides you with an income. You base your decisions (owning or renting) on the funds available from your job. That is the same with real estate investing. It provides you with income that you design your lifestyle around. You can have 15 houses and still not afford to buy your own house and that is ok. You are separate from your investments.
When I was a young engineer right out of school in West Virginia, I was looking at a house to buy for me to live in for $100,000 and found that I could buy a fourplex for $100,000 and stay in my $150/month apartment. That meant that instead of putting down $5,000 and then pay the bank $1000/month for the next 30 years I could put down $5,000 and have 4 tenants pay me $1000/ month for me to give the bank and have the tenants pay for my building. It left me in a revenue neutral position. That way I could still save for my personal residence.
dtrump,
I don’t think anything mean was meant by TMCG, only that the grammar and sentence structures used in your posts seem to indicate that you are either younger or that english is a second language. Again, not poking fun just trying to understand in order to provide you with more beneficial posts.
d,
definitely not trying to be funny. from your grammar, i just wanted to get a feel for where you’re at, that’s all.
in no way did i mean to offend.
let me ask, how are you “locked into a lease”?
you mean you’re leasing an apartment? what’s that have to do with anything?
thanks everyone for youre replies. i can speak better then i can type. yes i have a apt iam renting at this time. i didnt know if it would be okay to rent a home iam not living in at this time. because the bank ask me if i was going to be living in the home.