I've never owned a house. Where do I start investing?
Hi everyone, my wife and I want to do our first investment in Real Estate. We were told that there are First-Time Homebuyers grants right now that give you about 30k to purchase but you must live in that house for at least 5 years. The only reason we want to avoid this is that we are more interested in investing and renting to
someone else. We currently pay very little rent and therefore are not in a rush to move into a new house right now. Does this make sense? Are there any other tips can you share with us? We just want to take the smartest first step. Happy Holidays everyone!
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James Wise
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James Wise#4 All Forums Contributor
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
@Jake Calle You have to live somewhere. The 1st persons mortgage that you should be paying down is your own. You can buy a property with only 3.5% down so taking care of the home base shouldn't empty out your war chest either. Traditional lenders will let you obtain 10 30 year mortgages. This is bar far the most amazing financing available. Money is cheap right now. USE IT!
Buy your personal residence with 3.5% down then utilize your other 9 25% down mortgages on 1-4 unit properties. Once you get to that point move up to commercial buildings. IE Apartment buildings, retail, mixed use etc....