I am a teacher and I’m done working at the end of May. I’m playing with the thought to get a real estate license instead of signing on for the next school year.
I’m looking for an investment property but also for a house for myself, however places with a rental unit where I want to buy are not affordable right now.
My loan officer said as long as I continue to have a full time employment with similar pay it wouldn’t affect my ability to obtain a loan. However, a real estate agent’s pay is commission based and I would have to wait two years to get a loan.
Should I try and get a house under contract quickly before my time as a teacher is up or are there any creative ways to finance a purchase
in that situation ? I don’t want to wait two years because I’m worried I won’t be able to afford anything then.
One option I thought of was to buy a small investment property in cash and then use a heloc to take out money to buy another house.
Are there any other ways to do this?
