I've been working really hard from past couple of years. Now, I was ready to buy my own house but I thought I'd rather invest that money in real estate before I buy house for myself. I can get approved around million dollar. What kind of investment can be done with that pre approval ?
I've been working really hard from past couple of years. Now, I was ready to buy my own house but I thought I'd rather invest that money in real estate before I buy house for myself. I can get approved around million dollar. What kind of investment can be done with that pre approval ?
Thank you in advance!!
Personally, I'd see if I could get two $500,000 loans and buy two houses. Depending on location, If I was single, (just guessing that you are single since you don't say "we") I'd use one for STR and one to live in and rent out a room or two to other people.
@Jovanpreet Singh, that is an exciting place to be! Buying your first home is a BIG deal, whether you are purchasing a personal residence or as an investment. My best advice would be to do both at once! My guess is that you are currently paying rent somewhere and you have to factor that in to your investment strategy. The best first step would be to get out of the hamster wheel of paying rent and start building equity. If I were in your shoes I would buy a larger house with at least 4 bedrooms, occupy one of the rooms and rent the other rooms out to friends. If you play your cards right you could potentially cover your entire mortgage with the rent from roommates, then you can put all the money that you would be paying in rent towards your next property. Another strategy would be to purchase a duplex/fourplex, live in one and rent out the other units. In my opinion, this is the best way to start in real estate investing because you are able to kill two birds with one stone. You have a place to live, so that you are no longer paying rent and you have other people to help cover your mortgage.