Updated over 2 years ago on . Most recent reply
Multifamily or Single Family
Hello BPers.
This might be a long shot for me to post/ask this, but I rather take a shot than no shot.
I have recently been looking in the market to start investing in a property in Texas. Currently have no mortgage and my fiance and I are expecting a baby boy. She wants to have a place already mainly for privacy, and I have been looking into a multifamily (4plex). She then states we should look in the market for a single family home and rent it out after a year of living in it. Which I also thought was a good idea. We had found and amazing house with amazing price, still needed some work as the interior of the house looked a little outdated. Houses was listed for 185K. The houses around the area were going for more than 200k. I was looking at the bigger/long term picture of buying it, fixing it up, live in it for a year, and renting it out. I just got an email stating the property is under contract, so there goes that idea of investing.
My question is should I continue looking for a single family home and apply the same game plan I had or look into a multifamily and if so what is a proper/realistic listing price for one?
I was also thinking going for a conventional loan for a single family and a FHA for multifamily.
as a new BPer I plan on taking action.