Next step in starting REI career
Hey all,
I'm new to the REI world, and I'm looking for advice on what you would do if you were in my shoes. I am 21years old and hoping to one day rely on real estate income to allow financial freedom.
I am currently in the process of selling my first house, that I purchased a year ago and fixed up a little. I have a deal in the works, that should leave me with around34k in the bank.
I'll be purchasing a new home for around 340000$, which will be my SFH. I plan on renting out 2 basement bedrooms which will bring in around 1100$ per month.
The average home in my town sells for around 415000$, and a cheaper older half duplex runs 210k. We are in very hot town, in a small slump with the housing market down a bit. But things should be at an all time high come this time next year, with all the projects that will be coming into our town.
So my question stands...
Would you dedicate the entire 34k to a down payment on the SFH and build equity until I can save the 20% down on an invest? Or only do the 5% down, and invest in a mobile home, which will run around 55k, with pad fees around 500$ a month and interest at 3.5%
Thanks!