MY POTENTIAL FIRST INVESTMENT DEAL

[Lakeisha Smith]

Hi All,

I am looking to purchase my first property within six months or so.  In doing some research and joining a local real estate investment association, the education and advice that I have received said the best way to go as a first time investor would be to purchase a duplex and be owner occupied so that I can take advantage of the first time home owner programs.  Which all sounds great.  But as I have been doing research and receiving property information from a local realtor as well as having a pre analysis ran on my credit, which shows I'm in decent standings now and the interests rates would be pretty high at this point at 6%.  My thoughts, since I am currently under a lease where I currently reside until July of next year, I was wondering if I should go ahead and buy a duplex-as the information that has been sent to me shows that both spaces are currently occupied and some have a recent C of O.  

Someone suggested that if the seller wanted to sell bad enough that he/she could buy me out of my current lease as part of the deal (has anyone ever heard of that?).

I guess my question is would it be wise to purchase now, without taking advantage of the first time home owner programs (which I would no longer qualify for if I went ahead and purchased as most require for the owner to reside in the residence for about 5 years), to start my real estate investing journey or should I wait until I can get lower interest rates and take advantage of the first time home owner programs?  The only thing with the home owners program that I really don't like is the requirement to live in the property for a number of years.  Any suggestions???