FHA Loan First Time Duplex
Hello, newbie here, instantly loving this process of research, analysis and deal hunting :) I'm looking to make my 1st REI!
It would seem that with the higher payment associated with an FHA loan, it is likely to have to accept a lower profit margin when purchasing your first REI.
How low in profit would you go on rental income vs mortgage payment?
Would you only consider appraised home value vs purchase cost or would you also take into account expected appreciation of a new upscale subdivision since the intent is buy and hold anyway?
I'm buying my first duplex and I'll have to live in the house for a year, so I'm leaning towards getting a nicer, newer place that I'll enjoy as my first REI and landlord learning experience.
Would really appreciate hearing everyone's experience on their FHA loans starting out. Thanks in advance!
Brandon