Hello BiggerPockets friends. I'd like to ask for advice on an upcoming move. I made a post two years ago when we moved from Alabama to Ohio for an assignment asking advice on our return move to Alabama. Was wondering about options for looking at houses. We have decided to build a house in Alabama now so we are trying to understand our options for renting/ buying temporarily.
I would like to understand from the experts on BiggerPockets if this would be a good opportunity for me to buy my first rental property and live in it for the 7-8 months that the house is under construction. My concern is about trying to get too much credit at the same time. Do banks typically allow this to happen?
Would it make sense to try and do this? Are there any members here that have done this in the past and, if so, was it successful? Were you able to turn the house you bought and lived in temporarily into a rental?
Any advice would be appreciated and sharing any actual experiences doing this would certainly be welcomed.
It really comes down to the numbers you are looking at and the risk. If you have the money you can buy multiple properties, but my concern is planning for hick-ups in your new house's construction. You'll probably want to have extra cash on hand for when construction gets delayed and not have that money tied up in a down payment.