Home purchase strategy
Hello, I have been approved to purchase my first primary property (up to 350k). I live in Detroit, Michigan. My original plan was to use this and buy and duplex and eventually turn it into a rental property. But the issue I’m having is I don’t have any experience in the game so I don’t want to purchase a property that would require heavy renovations. But the ones that are renovated when I run the numbers I don’t see much cash flow (around $200 per month). What is a good cash flow per month for a duplex ? And the duplexes has an huge price point (250k plus) from what previously sold in sometimes less than a year. Any suggestions on the best way I should use this home loan ?