Relocating and getting started in REI - Grand Rapids, MI

[Alyssa Cairns]

I've been reading (and reading, and reading!) and listening along to BP for a bit over a month now, and I can't wait until we are ready to take the leap into REI. We are relocating to the Grand Rapids, Michigan area, and I'm not sure what the best plan will be.

Option A: live with family for free until we have new job(s) locked down, then move into real estate once we have a salary for a traditional mortgage

Option B: rent a cheap apartment in GR to get our bearings in the city while looking for jobs, and learning more about the REI/rental marketplace by living there

Option C: explore creative funding options to speed up the purchase of our first investment property, which will help fund the purchase of our own home

Option D: look for a 2-unit to live in, fix, and rent before we purchase a larger home? 

....... and they go on and on.......

Does anyone have experience relocating to a new city before finding traditional career jobs - all while trying to enter the REI marketplace at the same time? Any feedback or advice is welcomed! Thanks :)

[Matt V.]

@Alyssa Cairns , I'm in the same boat as you. My family and I are moving back East and really wanting to get rolling in REI. So far I have had the most traction talking with various mortgage brokers in the area we're moving to as they know what will fly and what won't. One thing I learned is that most of the conventional financing will need employment verification after 30 days of employment however this is only needed to finally close. Meaning you could technically start the process ahead of time, get a pre-approval letter and start making offers, then once things draw near move in with family for a month till you can close. You could also find a month to month rental but both of those options really kind of stink.

What if you started a direct mail campaign targeting the area you want to be in and see if you can find sellers willing to owner finance or lease option? It will take a little work but would eliminate the bank headaches. 

Just some thoughts. Good luck!