Too Early to Buy Duplex Out of College to Live and Rent? Advice?
Hello all,
This is my first post and I'm really learning a lot on this site and love it and have mustered up the courage to for some advice and thoughts.
So I graduated college with an engineering degree about 4.5 months ago and started my job 3.5 months ago in the related field and able to live with my parents. Yes, I have plenty of student loans and will start those payments in 2 months of about $350 a month.
I have about 13k to invest. I like the idea of living in a small multi-family (2-3) and living in one of the units while having the other units pay my rent. I think its a great way to slide into being a landlord.
There is a duplex I'm interested in that is $250k, around 2 navy bases, close to home, and can bring in about $900 each side. Financing would be through and FHA loan of 3.5% down.
My question is if it is too early for me to look at and if I need to save up more money before I take on something like this? If so, what would be a good strategy or how much should I save up for? Also, any advice or resources for me being a new investor I would love to hear. I'm in the Silverdale-Bremerton, WA area.
Thanks in advance!