I'm going to be transferring from my local Community College to a State University that is about three hours away this January. I'm confused however how I should go about beginning my path in real estate.
My initial idea was to purchase a multi-family house and rent the other units, but I found my lack of savings ($5k) for a downpayment is restricting me from purchasing even the cheapest duplex in this area.
After I realized the multi-family idea wasn't going to happen, I decided that it might be better to purchase a single family home (with 2-3 bed rooms). This way I could afford a downpayment for a property from $70k to $100k and rent the remaining bedrooms out.
Furthermore, Some members on the forum told me about the $8k tax credit that is available to first time home buyers, so I found a list of FHA lenders in the area I'll be moving to. My questions are:
1.) Would I be able to get an FHA loan without prior credit history, BUT with my parent's co-signing on the loan?
2.) Am I still eligable for the $8k tax credit even though I don't pay income tax yet?
3.) Could I close on a deal by December 1st? Because that's when the deadline for the $8k tax credit ends.
4.) Is this idea to purchase a small SFH wise?
My other option is to rent an apartment which is definitely more slowlane, but meanwhile I will begin birddogging/wholesaling properties which will bring in an extra income while I go to school.
What do you think?
Thank you!
My initial idea was to purchase a multi-family house and rent the other units, but I found my lack of savings ($5k) for a downpayment is restricting me from purchasing even the cheapest duplex in this area.
After I realized the multi-family idea wasn't going to happen, I decided that it might be better to purchase a single family home (with 2-3 bed rooms). This way I could afford a downpayment for a property from $70k to $100k and rent the remaining bedrooms out.
Furthermore, Some members on the forum told me about the $8k tax credit that is available to first time home buyers, so I found a list of FHA lenders in the area I'll be moving to. My questions are:
1.) Would I be able to get an FHA loan without prior credit history, BUT with my parent's co-signing on the loan?
2.) Am I still eligable for the $8k tax credit even though I don't pay income tax yet?
3.) Could I close on a deal by December 1st? Because that's when the deadline for the $8k tax credit ends.
4.) Is this idea to purchase a small SFH wise?
My other option is to rent an apartment which is definitely more slowlane, but meanwhile I will begin birddogging/wholesaling properties which will bring in an extra income while I go to school.
What do you think?
Thank you!
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