I found a property that is in a very desirable neighborhood that’s for sale in a good school district area. The housing type-3 attached duplex’s. My plan is to live in one of the units and get an fha loan and pay 3.5% down. Is 375k too much for a first time investor? The property is in overall good condition and is already rented out. Should I negotiate? Should I start smaller? Also how long do I need to live in the duplex for this type of loan?
@Beth Zemichael what do the numbers tell you. Rent, vacancy, taxes, insurance, repairs. You need to find an investment calculator or spreadsheet to analyse the property. BP has spreadsheet in the files section and calculators that you get 5 uses or turn pro and get unlimited uses. FHA owner occupied, at least one year living there unless extraordinary circumstances happen. ie job transfer to another area. Investment is all about the numbers.