Sold my house ! Now what ?

8 Replies

Just sold my house now I want a investment property but I do not have a job to qualify for a home loan what do i do now ?

@Amanda Keller

You may need to provide a bit more context. If you no longer have a home, one could assume you are paying rent? In that case, how is owning an investment property going to be a better idea and reduce your cost of living?

Most people find that when starting out a steady source of non-REI capital inflow is useful for making the early deals. It's also useful for covering mistakes, which we are all bound to make.

There are a lot of things to consider here. 

1) What is it you WANT to do - a rehab - a wholesale deal - get rental property.

2) What resources do you have? You don't have a job, but do you have plenty of cash in the bank? Do you have great credit?

3) If you want to wholesale, you just need cash for marketing, but not purchase money. If you find a deal that does require you to purchase, you could use transactional funding. If you want to do a rehab, there are a lot of creative ways to fund the deal - purchase + rehab. If you want to have a rental property, the question I ask my Clients is do you have sufficient cash reserves or surplus income to handle unexpected expenses? For instance, prolonged vacancy; damage to the property by a tenant; large repairs.

4) I think what the others said above is also correct...depending on your situation, owning a rental may not be a good idea right now. And if you need steady income right now, getting a job may also be in your best interest unless you have large cash reserves to sustain you.

Good luck with whatever you decide.

I don't have a job but I do have good credit. Im 22 and recently moved back with my parents to decide what to do next. They aren't really investment savvy however I'm looking into a double I want to invest full time by using my money from my house I sold. I never thought of wholesale but I will read more about it. Thanks

Well if you have enough money from the sale, you could purchase a rental property with cash and hope that it makes enough money to keep up with the taxes and repairs

Where in Indiana re you? Indianapolis is a great market

If you're single without anybody to answer to you might want to just rent out a property and then rent out rooms like a four bedroom two bath house, live rent free

Getting a real estate license might be a good idea so that you can get some respect in the marketplace because people respect people that a licensed

If you doing just wholesaling it might take you a long time to make money, but if you have say 500 a month for six months you may very well get some deals; @Dev Horn writes often about marketing from the wholesaling deals in "the rule of seven " and frequency of direct-mail

I think the fastest start for new people is to go after "expired listings" and 

talk to homesellers that have little equity that are pretty with no work needed; 

your job is to help them sell on terms verses for cash on the lease to own; 

Then you find a buyer that "just missed financing" and wants to "rent to own"

You generally make a 3% assignment fee usually in 45 days; that's much faster than wholesaling and you don't to deal with builders or Hard Money lenders,  just the buyer and seller

I train on lease option assignments so see the free training on My BP blog Reiskills 

Best of luck!

Great advice thanks
A lot

I am in the 46235 Indianapolis area

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