First Investment! Need Criticism and/or Support!
Hi All,
I graduated university in 2017 and have been working in a big tech company for two and a half years. Real estate is something I have been learning by myself for the past year. I am trying to avoid paralysis by analysis, and want to pull the trigger on my first investment!
I am from Michigan, but I am working in the Boston area and am familiar with the Greater Boston market because of the real estate meetups I have attended. I am thinking about pulling my 401k and all my savings to purchase my first property in Greater Boston.
My plan is to take an FHA loan so I can leverage the 3.5% down. Also, utilize the MassSave program for any quick renovation upgrades (0% interest for 7 year loan on energy efficient household items). I am worried I don't have enough saved as an emergency fund, and would need to go to hard money lenders in the case of emergency on the home. I would be technically living in the home, but I would rent out every room anyways because I stay at my girlfriend's most nights. This is to fulfill the "intent to live" for one year condition for the FHA loan.
The reason I am posting this is because I want to find someone who can criticize//support me in these ambitions. I am 24 years old and I am willing to take the risk now while I am young. If there is someone in a similar situation with me, I would like to connect too!
Here is the loaded question, is this all a good idea?
Thanks for reading!