Opinions on starting investments
Rhode Island area
Hello
24 years of age and my gross income is around 50K annually and I plan on using a conventional loan, I thought possiblly 3.5%-5% on an down payment.
I have about $15,000 that I wanted to use on a Duplex and I have a few $1000s for closing close and other needs.
However I'm worried. Between a single and Duplex, within my price range (300k) the duplexes aren't in the best condition compared to single family homes, I haven't been viewing the market for that long but from what I see now, I think "I want to renovate." In order to get my best chances to rent out the other unit(Most likey living in the other one).
Is my best option just to save more for my down payment, possibly a price range of 250k(which will be hard for a duplex) or perhaps my problem is that I assume I'll have a vacant for a long period of time, which it's possible but I think the more someone puts off something, the unlikely chance that they'll commit to it.
I also do plan to get my real estate license (currently studying, Massachusetts area) and I understand I probably won't get rich from it early on but being able to add to my down payment without waiting two weeks for a check from my hourly wage would be helpful, so should I wait for that?
Any advice would be appreciated.
Most Popular Reply
The in-person meeting is the third Thursday of each month in Warwick, as you mentioned @Jonathan Bolano 😊
The location is posted on their website, Rhode Island Real Estate Investor Group, under the Meetings section and I believe is for members. They also have a virtual meeting on the first Thursday of each month open to anyone.
I don’t have any financial interest or benefit from recommending the group but I have been in it for 19 years.