How to Buy First Home & Start Investing without a Home Loan
Hey everyone! Would love tips from fellow Bigger Pockets investors on how to navigate my current life scenario. My wife and I recently moved to Austin, TX to start two new jobs. After moving, I found out from our loan company that since I switched from a W2 to a 1099 employee that my income wouldn't qualify me for a mortgage for 2 years. So, we now find ourselves with money for a downpayment, excellent credit, great jobs, but won't be able to get a home loan. I have been researching investment strategies (house hacking, BRRR method, etc.) the last few months, but wasn't sure of the best way to approach this since now I will most likely have to see if extended family will help me with cash to get into my first home. Hoping this situation becomes a blessing in disguise as some of these investment strategies like BRRR pay back the initial loan in a year or less.
Would love any suggestions on methods maybe I haven't thought of (house flipping, etc.)!
Also, not sure if the BRRR method will be available to me since I most likely won't be able to refinance with a traditional loan in a year? Am I wrong?
Thank you everyone,
Ryan