Need advice about a new construction investment

[Misti Barnes]

Hi,

Looking for advice. I started late, and my fiancé and I moved to Sarasota, Florida last June. Couldn’t afford to buy in California and we were just living to work  and get by  

We both own our own businesses, we don’t own any property and we’re in our late 50’s (left calif for that reason) and things are very lean, but we have an opportunity to get into new construction townhome in a beautiful neighborhood in Lakewood ranch.

The place is 385k and since we’re paying 3k just to rent, and the townhome would be the same, plus I thought we could rent out one of the rooms for extra cash. 

Some say new construction is a bad idea now, but probably won’t qualify for a traditional loan as we both are restarting our own businesses and it’s tough. 

Our lease will be up in June and we need to stay in the area we are for our businesses. Lakewood ranch continues to grow, so our plan is to rent out one room for a few years till we can refi. We think that seems reasonable

The other option is to try for an owner carry on an older home   

David recently said to be careful,  not to stretch too much and maybe to not buy, but renting and buying is the same monthly payment. 

Any advice from a skilled investor? Would love some wise advice.