Currently I live in an apartment that I love living in with my girlfriend for the last 3 years. I know that Im not doing myself any favors by renting, know I have to buy. My credit is not the greatest and Im afraid that having to buy a house for myself means moving into something that I would not be happy living in due to the fact that my credit will limit me as far as options go. I would rather buy an investment property (preferably a multi-family home) and rent that out and essentially live rent free in my apartment while saving for a bigger downpayment on a more desirable home when im ready. I would like to hear some thoughts on this, or any suggestions as to what some others would do in my shoes? Ive never purchased real estate and Im still currently reading through my second book on real estate with many more to come before purchasing anything.
I would pursue both options and see what property looks the best and comes around first. If you find a great multi and can finance it great, if not and you see a smoking hot SFR deal grab it first. Best of luck to you.
I agree " both options "
You will run into the same issue with the multifamily as you imagine you would now with bad credit, unless you were to partner with someone who has good credit.
If you go the multi unit route, why not occupy one if the units. This way instead of needing 25% down (investment properties) you could do an FHA loan, or talk with a local bank or credit union because they offer great rates and work with people more.
My local bank is offering a 2.99% with 5% down on a 5 year, which is great!
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