I am trying to get started in investing and want to know is it better to buy a home for myself to live in or to invest in a home. I have applied for a home loan to try to purchase something for me and my family but I don’t qualify for much. I was thinking that if I invested in a home fixed and up and sold it then I would have money and it may look good on my credit even though my credit is already good. Any opionions… Please help me!
You dont need credit to buy houses… Learn to buy subject to the existing liens and either sell or live there…
If you live there more than 2 years in the last five, before selling you get a 250,000, if your single, or 500,000 if married, tax free allowance for profit on your gain.
A lot of people have made a great living buying and fixing up every two years… Most definately a stress free lifestyle…
Merry Christmas
Michael Quarles
I’m a big believer in owning your own home prior to investing in RE as a business. Buying your first home is a learning experience and if you make a mistake the consequences are less severe compared to investment property. As mentioned owning and fixing up your home can lead to tax free riches plus home ownership opens up other tax advantages…itemized deductions. Good Luck.
yep, I would agree