Beginner Invester/ homebuyer needs advice!
Hello,
I am a first time homebuyer/ investor and i am currently trying to decide my
best rout to take to start a good real estate investment career.
I was hoping i could find some advice on this forum. I currently stationed in the Virginia Beach
area of Virginia(my wife and i currently reside with her mother to save up money) but
I am in the military and have traveled around alot. I recently
stopped in Florida, where I realized how low the prices were in many areas
(Cape coral for instance, where I have found many almost new houses in good neiborhoods for around 50000 dollars.)
This sounds like a great buy and hold investment opportunity so
I have been talking with a friend of mine about investing in a house down here, and splitting the mortgage.(we have about 20k between us)
but i am worried that if we do, I will not be able to recieve good financing on a multi-unit in Virginia Beach.
Could anyone tell me if:
1. they think it is a good idea to invest with a partner in an area where i will not be staying
2. I will still be able to recieve another(larger) mortgage for a home to live in.(multi-unit)
i have a pretty good credit score(above 700) and have an income of about 2500 a month.
Any help and inputs would be much appreciated, Thank you very much.