Wait for $ or Jump right in?
Hi!
I'm new to this (of course) and I'm trying to determine just exactly how I want to break into the market. Basically, I don't know what my 'niche' is yet. I've read some about multifamily properties, some about townhomes and some about mobile homes.
I don't make a lot of money at my day job, but I live frugally and currently have about 3k saved up - very close to being able to get an FHA 3.5% down loan on ~100k worth of townhome - I would get 3bed/2ba and rent the extra bedrooms out.
I could also save for ~6-8 months and have enough for 3.5% down on a multifamily property in my area, running about 250-400k each. However, this won't cash flow unless I'm also paying like a renter and accumulate roommates (which I plan to do anyways, no matter the case, but... What is best?). I would most prefer this because the equity built would skyrocket my initial wealth and give me tons of leverage for future endeavors, but I'm not sure anyone would take the chance on me (lending wise).
Or, I could put 10% down on a mobile home. Are these even a good investment? But they're only 35k! And, they're for sale all the time. Hmm..
Basically, those are my three options, and I'm not sure exactly what I want or need. I would most prefer a multifamily property, but that requires waiting, which I hate - and I want to minimize wasted time! But I also don't know if I can actually qualify for the loan on multifamily (or cover the closing costs, reserve funds and initial repairs etc)... But I know I can on a townhouse.
I could really use some advice! Can anyone point me in the right direction?
Thanks!
Kayla