Creative thinking HELP for first house

[Cory Cox]

Hey guys/gals,

I am under contract for my first house in Arkansas and have ran into some trouble with my financing that I hope someone can give me some ideas on what to do.  There is a tenant in the house now and his lease isn't done til the end of August.  I am planning to close on July 21st and was gonna assume landlord responsibilities til his lease ended then move in, rehab and live in for a year and then rent out after a year.  I am not putting 20% down on it, but because I plan on closing before 30 days of me being an owner occupant they are considering that an investment property.  I could possibly push my closing to Aug 2 but I dont want to lose the rent collected for those days inbetween because that will help with my rehab costs.

Any ideas of how to get around this would be greatly helpful...

[Thomas S.]

I would be very concerned with your financing plans if a couple of weeks lost rent is make or break on the deal. You need a minimum of 6 months income of total rent in reserves to even consider investing plus what ever money you need to renovate.

It sounds like you are not financially ready to invest.