First Time Buyer, Need Advice (Entrepreneur Nomad)
Hello,
I'm planning to purchase my first investment property. I'd like advice on what would be the best course of action. I have a few interesting circumstances to note.
I'm an entrepreneur / nomad (work from computer) and can live anywhere in the world. I own no real estate. I have rented my own apartment (dirt cheap, $650/month) for the last 10 years. I think renting my own place may still be better then owning. I am single, no kids, and like to travel. I don't like to maintain homes, repair, decorate or be tied to own place.
I just want to purchase 1 property to start.
My concern is the real return provided by rental income. $200 a month is not very appealing to me. I have a business that returns $30K a month. I don't want to have lots of cash tied up in a down payment, to return $200/month. I have better uses of cash.
1) Should I buy a duplex or SFH? What areas of DFW do you recomend?
2) Should I stop renting an apartment and buy my own home? I have to live somewhere.
3) I'm only interested in property if it can produce cash flow
UP FOR CONSIDERATION:
Buying a duplex ($150-$250K) in DFW area, living in one side and renting out the other.
Goal is to cover the mortgage and all expenses, and have a place to live.
FINANCIALS:
- Can spend up to $25K on a down payment. DON'T want to have money tied up in a big down payment.
- Have no interest in fixing up or rehabbing homes.. If anything this would be delegated to an outside service. However, this sounds like it would eat up all the profits.
Thanks for any advice.