buying my first home.. suggestions?
Hello, Im located in metro detroit area, I currently have about 30k saved up for a down payment. I was originally looking to buy a condo thats around 200k for my parents and i. My question is with that kind of mortgage under my name, would i be able to invest in rental properties within a year or two? Im afraid i won't be able to make any kind of investments because i'm tied down with the big mortgage. Any other options to consider? thanks in advance
Annual income 60k
car payment:500/month
condo rent: 1250/month (contract ending in end of April)
no other debt
this is my current financial situation.
Most Popular Reply
@Joseph Cho I would consider getting something that is a little distressed and/or a property that you can add some value to in way of repairs, fixing deferred maintenance, making general improvements, maybe adding a bathroom, etc. That way you can add equity quickly after making these improvements and can possible refinance later to bring that equity out and reinvest it in another property. If you buy something that's already in pristine condition and you're paying full market value, you probably won't have any significant equity in it for at least a few years. Just something to think about.