Looking to purchase first home.

2 Replies

Okay I currently work as a maintenance man on mobile homes in the day time. Just recently picked up a 2nd job which brings my biweekly pay to around 1,100 every 2 weeks. Every month I plan on saving atleast 1400. So in the next few months i'm looking to make my first purchase.

I'm going for an FHA loan and I know it has to be owner occupied. I currently live in Illinois and plan on staying in IL for the next 3 years.

My question to the bigger pockets community:

1. What should I be looking for in homes?

2. If anybody is familiar with Illinois, where are some good places to start?

3. What should I be looking for in an area?

4. Regardless of the area, how should I look at these multifamily homes as I pull them up on realtor, zillow, etc.?

Welcome investing

Only one thing which ensures growth is cash flow whether it's buy and hold, flip etc.

I always go look for positive cash flow in a deal. Does it put cash in my pocket every month. Is the key question.

Atchut

Austin,

What you look for in an area depends on your situation.  Are you married? Do you have kids? If so, good schools may be a priority.  Low crime areas are always desirable. Maybe you want an area with access to shopping, parks, recreation, etc. Are market values rising in the area.  And of course, is it affordable?

You may want to even consider an income property as your first investment (that's what BP is all about after all).

Best of luck!

Gary