Updated about 5 years ago on . Most recent reply
First Time Home Buyer
Hello BP community! I am a first time home buyer (and new to the BP forums) currently looking at duplex, triplex, 4 unit homes in the greater West Michigan area. I have been doing as much research, reading, and listening to BP podcasts as I can the past few months and haven't come across any equations for narrowing my first home buying search. I am aware of the 1-2% rule and the other rules used for calculating basic investment buying criteria which seem to be geared more towards the 2nd property investor. My plan is to find a property - preferability a triplex or 4 unit - that will cover the majority if not all of my mortgage and monthly bills. Obviously, a property that can create cashflow on a monthly basis would be more ideal. I will base my future business out on a buy and hold strategy so I am focusing on up-and-coming areas that I am familiar with but not relying on a guaranteed rise of base home value.
Is there any % rule or other basic financial rules I have overlooked in my research?
Any and all help is greatly appreciated!
Thank you BP community,