I was laid off at the end of January and rehired in July (worked for this company 10yrs before being let go) . I still make about the same about - 80k a year. I have 6k in my savings and about 50k in an IRA I wanted to Use for investment in a duplex and house hack it (living in one of the units). How or would I be able to do this ? Or do I have to wait? Credit score is able 700. Thanks
It's hard to say without any info. Are duplexes in your area going for $1 million or for $100k? How are you planning on getting access to your IRA money? Are you sure you want to cash out your only source of retirement just to gamble it up on your first residential investment.
If it were me I would wait, get my credit score up, save more cash, and not touch my IRA. We are somewhere closer to the top of the market rather than the middle so not the best time to jump in anyway.
It's hard to say without any info. Are duplexes in your area going for $1 million or for $100k? How are you planning on getting access to your IRA money? Are you sure you want to cash out your only source of retirement just to gamble it up on your first residential investment.
If it were me I would wait, get my credit score up, save more cash, and not touch my IRA. We are somewhere closer to the top of the market rather than the middle so not the best time to jump in anyway.
Duplex's range from 100k to 200k in my area. My number one goals is to live in one of the units with the duplex to get ride of the rent I have been paying. I don't mind using IRA funds and I am able to use the money when I wish and it's not taxed when used to by a home I'm more concerned about getting the loan due to my work history have a gap.