I am in a very unique situation. I moved to Dallas with 85K liquid, 30K in a Roth IRA, and my personal "MBA" program entails Wholesaling. I don't have a job and don't want one! I am a part-time Navy reservist who makes around $600 a month and I am jumping into wholesaling full-time with my partner. I don't have a monthly income every month, have a FICO of 715 and no debt. I pay $800 on monthly rent. I cannot use my VA Loan because I don't have a job.
Question: what other creative financing would you use (since you all fine folks have "been around") to purchase a "Primary residence." Thank you in advance!
Get a job. Then work part time on the side until your wholesaling takes off.
Hey @Noel Peralta , welcome to Dallas and thanks for your service. Everyone on this site are afforded the luxury to do what we do because of brave men like you.
@Craig Brooksby is most likely right. I think (and I know from how it worked for me), that it feels bad to not be able to devote all of your time to REI. A lot of people like to feel that 'hunger' to keep themselves motivated...my experience is that it's tough to separate that feeling from desperation. -AND- your buyers and sellers can smell that desperation. It works against your longevity and success in the biz. There's no shame at all in keeping the lights on while you get the rest of the business going. I work with 3 wholesalers in Dallas, and between the 4 of us, 2 have full-time jobs, and the other two have been wholesaling for more than 10 years.
What part of Dallas are you in? I'm always looking for good people to work with in the area (I'm up near Denton).
Hi Noel, If your paying $800 month for rent you can certainly afford to purchase a home...
Look for a Sub2 deal offer a minimum down and ask the seller to carry for 10 to 15 years most sellers will go for 5 years but it goes by very quickly....
Here in California and probably in Texas it's easy to find high end homes that OWC but the middle of the road deals take some time
Yes and thank you for your service.... check out my post for how to do Sub2s protecting the seller and buyer
@Craig Brooksby Thank you for reading and the feedback.
@Bill Jones It's my pleasure to serve sir. My friend suggested the same, will look into your post on Sub2s. Thank you and oh how I miss CA. Lived in SD for 14 years!
Much continued success everyone!
@Noel Peralta You may want to self-direct your Roth IRA into real estate instead of letting sit idle in cash or the stock market.
@Mark Nolan thanks for the suggestions. I need to get smart on this asap.
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