im starting out investing recently been approved for 70k conventional and wondering whats the product should i be looking at.
options are as follow-
1. Condos- newly built does not need any renovations. my concern here is HOA fees
2. My original model considered buying sf 3bed 2 bath homes in Atlanta, however turnkey are hard to find and lender will not cover any rehab cost.
3. Duplexes and quads- while they are hard to comeby I feel as though if im going to have to come up with funds to do rehab. i might as well get a duplex and double my potential gross earnings.
Does anyone have any advice.
You will probably get a variety of responses to this question. Some people prefer SFHs while others prefer multifamily. In my area, the numbers work better on multifamily, so many of my properties are duplexes.
If I were younger and just starting out, I would purchase a duplex (or 3-plex or 4-plex) and live in one unit. Save money and then repeat as often as possible.
One thing to keep in mind if your living situation is flexible is that if you have the option of living in one of the units of a MFR, it will qualify as owner-occupied which can have some benefits. Depending on your current situation it can oftentimes put you way ahead vs paying rent on your own apartment.
unfortunately, i already have a primary residence "townhome" in which i reside in. I found a fourplex a couple of months back but the seller wanted 45 for it and it need everything except a roof. i only think it would have brought in 375 per door. nor could i find a lender to lend the rehab cost on it.
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