HUD Homes

[Andrea Pulley]

Okay, so I'm still researching a few things and considering my options before I proceed to look at houses. I am a teacher and qualify for a HUD home which means that I can presumably purchase a $200,000 home for 50% off. Currently I rent and have never purchased a home and have been doing research for building wealth and considering the duplex idea to rent to another family. Now...what do you think (oh and I'm trying to figure getting in to the military)....? What would you do?

option 1: purchase a single family HUD home and rent it out when I get in the military (though I think I have to live there for at least 36 months and not even sure if I would be allowed to rent it out...)

option 2: duplex idea with an FHA loan but then I did the Zillow mortgage calculator and I can only afford $55, 367 which means "ghetto" (sorry don't mean to offend anyone with this word) housing in a less than an appealing neighborhood (I live outside of Atlanta and that's where many multi-family homes exist). I will have about $3500 to put down.

I've hit a wall and I'm so scared to spend money because I have so little AND I don't want to live in a bad area. Can I safely afford a little more? What would you do? Sorry, I've been out of college for 4 years and I'm freaking out about life decisions. I'm just trying to find a safe way to make money, pay off debt, and build for future travel and a family.