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First Time Buyer/Investor, confused, lots of ?s - Tacoma, WA
Hey everybody! I've been reading quite a bit on BP and decided to jump in and start asking questions and reading the forums.
My fiance and I are first time home buyers, looking to use FHA loan, and it is imperative to me that our first place be something with rental potential. My end goal is to own multiple rental properties (single home & duplex) to generate some 'passive' income. I am doing research, and not looking for a "get rich quick" scheme.
Aside from reading multiple articles, I've spoken with 3 realtors and 2 lenders to ask basic questions. I was not impressed with the ones I've spoken with thus far, as one lender told me his 'advice' was to "get a new position at my job and try in 2 years". One realtor told me "there's nothing in your city under $200k" which is completely false, as I can find 30+ properties in areas I like from $120-180k all day long.
I am wondering if I need a realtor, or if I could do the purchase myself without one?
To give some background, my fiance and I have never bought a home, rented our whole lives, and I have great credit, hers is not so fantastic (under the typical cut-off threshold). I've worked for a large insurance company for 12 months and also own a brewery. My fiance has been a professional stylist for over 2 years now.
The lenders I've spoken with keep trying to sell us on credit repair companies for hundreds of dollars per month to shape up my fiances credit. I think that's counterproductive.
We would love to find a duplex, but are perfectly fine with a single-family unit (I believe FHA does not cover multi-family?) for the next few years before we can look into a 2nd property. We will have the 3.5% down, potentially 4% (depending on which house we decide on).
We have about 10 months to get everything in order and have a place, as our lease in the apartments will be up then.
Any advice? Recommendations?
Thanks in advance, excited to learn more!