First Time Homebuyer

3 Replies

Hi Everyone!

I'm just started my full-time job in accounting and am currently renting. My lease turns in September and I really think it makes sense to buy my first house. I want to make it my primary residence for a year or two, and then buy something else.

I'm trying to decide whether to buy a multi-family being a landlord, or buying a move-in-ready house that needs cosmetic upgrades, fixing stuff up as I live there, and then renting it out eventually. 

If anyone has any advice I would love to hear it. Also, I plan on spending around $150,000 in the suburbs of Detroit, MI if you are familiar with the market.

We got started the exact way you describing. We bought our first house with a VA loan fixed it up and then rented it out when we were transferred. Multiplex didn't make sense at the time because of our area but those are my favorite! You can leverage all to more with someone else paying at the end. Just make sure you have a good exit plan.

The suburbs of Detroit $150,000 will buy you a pretty nice house.

Since you have short term plans to move I would probably put it into a four unit property that pays for itself.

Welcome

@Alex MacKenzie

If you're coming from Royal Oak I'm guessing your used to very nice neighborhoods.

I'm a big fan of owning rentals in the Dearborn/Dearborn Heights market. It all depends on what you're willing to spend on your own home, versus how much of the leftover money you'd like to invest directly in investment properties.

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