Do I have to let go of my integrity to be successful?
I made the leap and invested in my first property in October of this year. My plan is to live in this home for a year, to satisfy mortgage requirements, then rent it out. I still own my previous home that I am planning on renting out. There are some renovations needed before I can get market rent out of that home.
Which leads me to my current conundrum. My original source of renovation funds is no longer viable and using my J.O.B. income will require an extension of the renovations timeline and carrying costs.
I know there are a few different ways to earn money in real estate that don’t require you to have credit and/or cash, like Wholesaling, Lease Option, Subject To, etc. I am currently in discussions with a seller on a potential Subject To deal. However I'm having difficulty reconciling those aspects of real estate investing with my own personal ethics.
I know Wholesaling requires both the intent to fulfill the terms of the purchase contract, as well as the means to do so, even if you ultimately end up assigning the contract to another investor. I have the intent, but not the means. I don’t have the cash to put another down payment on a property, which are required for Lease Option and Subject To deals.
So what now? How can I put homes under contract knowing I can’t afford to close on the properties? How do I make money to fund the renovations and still hold myself to my own personal ethics? I can't bear disappointing a seller who is relying on me to help them.