My First Real Estate Investment and First House
I'm looking to purchase my first home in Washington in Snohomish County (north of Seattle) which I will commit to a rental when I find something else to get into. I'm looking for advice on what to get into. I can borrow up to $320,000 and have about $40,000 saved up. Using an FHA loan I was planning on buying something that needed a little sweat equity put into it. Which I would use the remaining funds from my savings. Hopefully valued for an appraisal in one to two years that would give me 20% equity in the property. Is this a good use of my money? Looking for advice on whether partnering with someone to buy a duplex would be a better idea in this situation.
A little about me. I’m 24 and I’m working 55+ hours a week. It wasn’t until I heard about bigger pockets that I had considered real estate investing. I’m a hard worker and really want to break through into this world. I appreciate any tips or opinions on my situation as I’m trying to get into something soon!