24 year old looking for some experienced advice!
Hello BP members! Thank you for taking the time out to read this! So here's the situation. I'm 24 years old, self employed with a business that brings me $85K take home live in Orange County, CA currently renting a 1 bedroom apartment for $1850 with my girlfriend not including utilities. I was considering buying a 2-3 bed 2 bath condo in my area for around $400K is the going rate at the moment with my fha loan option 1 or just put the 20% down to avoid the $170 buyer insurance for FHA loan. I would rent out one bedroom for $1000 which is market rent for 1 room in my area. Looking around $1900-2100 Overhead for mortgage, insurance etc. If I rent the room that would put me at $1000 plus utilities my overhead split between my girlfriend and I. Deciding if it's a good move to buy or just to keep renting and save my money for another investment and not have to worry about maintenance, HOA fees etc. Also I know the market is high right now but it would be a long term hold and wouldn't mind to lock in the low interest rate. I just hate that I'm giving this investor $1850 a month for a one bedroom LOL. Anything helps thank you!