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Updated almost 9 years ago on . Most recent reply

Michelle Franco's profile image
Michelle Franco's profile image
Michelle Franco
  • from Bronx, New York
  • Member since Nov 21, 2015
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Michelle Franco's profile image
Michelle Franco's profile image
Michelle Franco
  • from Bronx, New York
  • Member since Nov 21, 2015
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Michelle Franco
  • Bronx, NY
2
Votes |
16
Posts
Starting Out

How to buy 1st home and 1st investment property is it possible ?

Michelle Franco
  • Bronx, NY
Posted

Hi All

I would love advice on what I should do. I currently rent in the Bronx and want to move into a single family home with my daughter and husband. I would also like to invest in an area where the multifamily homes are about 50k. I also have 10k in debt. I am expecting 10k from my job and I have 10k in 401k. What and how would you do it?

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Greg B.'s profile image
Greg B.'s profile image
Greg B.
  • Investor
  • from Syracuse, New York
  • Member since Jan 7, 2014
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Greg B.'s profile image
Greg B.'s profile image
Greg B.
  • Investor
  • from Syracuse, New York
  • Member since Jan 7, 2014
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Greg B.
  • Investor
  • Syracuse, NY
73
Votes |
170
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Greg B.
  • Investor
  • Syracuse, NY
Replied

Why not buy a multi to live in and rent out the other unit(s)? This will give you your first rental with a very low downpayment and on the job landlord training. Buy it right and give yourself instant equity.

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