How early should I look into a property?

1 Reply

Hello investors!

I am in a particular situation.  I have never bought a property before.  I am in my junior year of college at Kent State (in northeast Ohio) and would like to purchase a house this upcoming summer to live in for my senior year.  This house would be a live-in-flip or I would rent out the other units/ rooms if it was big enough or a multifamily.

I'm unsure about several things:

1)  When should I start the buying process?  I am leaving my current apartment at the end of July so when should I start looking at houses/ talking to agents/ etc?

2) I don't have a large amount of cash so should I do an FHA loan so that I can get 3.5% down payment or would another option be better?

3)  As a new investor, what price range should I be looking at?  Should I look at foreclosures or 30K houses or higher?  From your personal experience, how did you get started or what do you recommend?

I appreciate you reading my post.  Any advice is appreciated! Thank you!

Originally posted by @Garrett F Anderson :

Hello investors!

I am in a particular situation.  I have never bought a property before.  I am in my junior year of college at Kent State (in northeast Ohio) and would like to purchase a house this upcoming summer to live in for my senior year.  This house would be a live-in-flip or I would rent out the other units/ rooms if it was big enough or a multifamily.

I'm unsure about several things:

1)  When should I start the buying process?  I am leaving my current apartment at the end of July so when should I start looking at houses/ talking to agents/ etc?

2) I don't have a large amount of cash so should I do an FHA loan so that I can get 3.5% down payment or would another option be better?

3)  As a new investor, what price range should I be looking at?  Should I look at foreclosures or 30K houses or higher?  From your personal experience, how did you get started or what do you recommend?

I appreciate you reading my post.  Any advice is appreciated! Thank you!

1. I would probably start looking around April or May.

2. FHA is absolutely the way to go.

3. You should buy the most expensive house you are approved for. If you can get a 2, 3 or 4 family even better. You are in the Kent area, awesome long term rental area. Avoid foreclosures as they usually do not qualify for FHA financing. As you don't have a lot of cash you need to avoid cash drains like rehabs. Go with something as nice as possible.

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