First Primary Residence Within Three Weeks

[David Ray]

Finally it has begun. I am officially a homeowner. While it may be a juvenile liability at the moment I am already thinking of ways for it to make me money. I began my search for a primary residence in the beginning of June. My wife and I have been preparing for the moment for a while and we were finally ready. First I made a list of twenty lenders and researched the different type of loans available in my area. After a few hours I decided that the USDA Aggricultural loan would be our best bet. With the zero down and the only stipulations being move in ready and in a rural area we were set. After I placed all my calls to the lenders, only a seven called me back. I already had a packet put together with all the documentation needed for a pre-approval letter. I sent those in and asked for letters on USDA, FHA, and verious amounts down for a conventional loan, and moved forward with the first three to get me what's I needed. After this I chose a Local realtor from all the areas that I was looking in, and toured dozens of houses. After everything I was stuck between three houses that were up for auction. Of all the houses only one came back for a second to bed between me and an investor. At this point I was nervous that I would have to start the process over until I realized the investor would most likely rent it out. At this point or use the rental calculator on bigger pockets to help me run the numbers on this house to see where the investor would start making money if they bought it. As this is going to be my primary residence for a long time I am not worried too much about what my future profits on it will be. It only took a day to get a call back about winning my new property. The stipulations on it though was that it had to be bought with cash immediately with no breaks. to back out the contract. It wasn't until this point that I noticed that I wwould not be able to buy it with a loan, but I was still determined. I dug through every scenarios i could think of and remembered the parents of one of my friends just sold their old home in Vietnam. So I did some more research on ways to leverage a property and decided to show them the numbers if I used the property as leverage for a loan. They were impressed with how much research and consideration I put into everything and decided it would be a good idea if we partnered together. They financed the deal and I will be taking care of all the repairs. With none of my money up front I closed yesterday and now I'm past my first step to becoming an investor .