Advice for beginner in real-estate investing
Hi all! Love this site and all the great info that comes with it. Anyways, I am a beginner in real-estate investing and am looking to purchase my first property this summer in the metro Detroit area. Ideally, I would like to house-hack in a duplex since I already have a taker to rent the other side. I have done much research with a real estate agent and there is simply not much out there that is within my price range (up to 150k). I would like to use an HFA loan for my first property so I can save up for the down payment on a second property. My wonder is what is the best way to invest in a single family home?
Since there are limited multi-family housing options for sale, is it worthwhile to buy a single family home and rent out a room while living in it? I figure this would be a hold and sell property since I would most likely live in it for a few years and meanwhile purchase another home to rent out. I understand without numbers it is difficult for others to give their descriptive input but what suggestions does anyone have for a beginner looking to get into real estate if house hacking is not available?
Thanks!