Purchasing Two Properties at Once
Hey BP community,
I am a new Real Estate investor, and have been working on a finding my first rental property/house hack in the past year.
One of my family members has the “problem” of having retirement money and does not want to put it in the market. I decided to team up with my family member to purchase a rental property in Milwaukee. We are currently under contract, in which I just found out the seller is going through a bankruptcy, and did not let me or his selling agent know of this. The Milwaukee investment is a 25% down payment loan. 25% cash from family member, and mortgage with my W-2 income to acquire the loan.
In the meantime I am looking to purchase my first “house hack.” I work in the greater Chicagoland area and am looking to move to shorten my 2 hour commute. I have recently found some properties in my target locations meeting the 1% rule. These properties are flying off the market, and I found out I can’t offer or contract on my house hack because it would mess up Milwaukee rental property financing. Due to the Milwaukee property sellers bankruptcy, the close date has been extended months. Although, the numbers are great and worth the investment (in my opinion).
I wanted to see if any BP members knew of a solution to this problem? Is there any way I can creatively get my first house hack and make offers on properties in Chicago while under contract in Milwaukee?!?
Thanks!