Buying first home in Raleigh NC area
Hi BP,
I'm planning on buying my first home in the near future and would like to rent out the remaining rooms.
I'm wondering what the community thinks my best option is. I was looking for houses in the 200k range but a mortgage broker hinted that I may be able to get a loan for 250k. Is it smarter from an investment standpoint to buy a bigger house and bank on the idea that I'll have consistent renters to pay the mortgage, or would it be smarter to get less of a loan and be sure I can cover the monthly payments with just my salary?
I'm thinking I could get a house with more rooms for 250k, which I would rent out.