I guess it can’t really be called an update, but more of an intro on my progress so far on my first liveandflip.
About two months ago, I expressed my interest to purchase my first home. My intention was to wait until my lease was up and purchase the home. I got two very good words of advice from Andviv (Andres). “Why wait?” From then on, I’ve been working towards my first home. I looked at my financing, checked my credit, contacted a buyers agent, looked over around 200 homes, walked through around 20 and finally made a bid on some properties. The first property I wanted, my bid was two low. Then 1 week later, two properties came up at the same time. I made bids on both and both were ultimately excepted. Pretty exciting. Thats when the first snafu’s hit. Awesome, one for rental, one for personal residence.
I had checked my credit via the credit reporting agencies. Big mistake. I was cruising along fat dumb and happy thinking I had a decent score of 720 on all three agencies. This was true, I did have 720 on all three, but my FICO score did not register. For the last 2 years, I have had no debt. I shunned credit cards, loans and anything I couldn’t pay with the cash I had. Without 6 months of revolving credit, my FICO score defaulted to essentially nothing. Lenders rely on that FICO score and now weren’t willing to touch me with a 10 foot pole. Especially with how tight they have gotten lately.
I had plans B, C and D though. Unfortunately all those didn’t pan out and I ultimately had to drop the personal property. If you want to get more of the scoop. Check out this thread on the fastlane forums. My first home.
The property I am trying to get and am under contract for is a 3/1 with no garage and a large utility/mud room. The inspection was last week and all went well. I extended my closing two weeks (next blog) and should be ready to close at the beginning of June. Pictures will come as soon as I get my digital camera back from my sister. (She got some great pictures of my niece, nephew and brother-in-law at Disney World)
