Need some solid advise

[Anjelica Allen]

Good day,

I'm a first time investor. I want to get a commercial property down the line, but needed to start small first. So, I'm about to close on a 300k duplex, with a 203k FHA. Which was all I could get, since I don't have much of credit history, and below 30k in reserves. I plan to live in residence until I'm able to afford what commercial property requires for purchase. Is there any advise to best utilize this grace period so I'm prepared for the commercial property purchase. Even with a tenant in the 2nd unit I'm still paying a portion of the mortgage. Thank you

[Paul De Luca]

Quote from @Anjelica Allen:

Good day,

I'm a first time investor. I want to get a commercial property down the line, but needed to start small first. So, I'm about to close on a 300k duplex, with a 203k FHA. Which was all I could get, since I don't have much of credit history, and below 30k in reserves. I plan to live in residence until I'm able to afford what commercial property requires for purchase. Is there any advise to best utilize this grace period so I'm prepared for the commercial property purchase. Even with a tenant in the 2nd unit I'm still paying a portion of the mortgage. Thank you

 Most investors need to start with smaller residential properties before they get into commercial properties because it requires more capital (20-30% down in most cases). With residential properties, you can put a lot less down (0-10%) if you owner occupy depending on the exact loan and property type.