I was preapproved. What kind of property should I buy?

[Raeshelle C.]

I was pre-approved for $130K with Freddie Mac, 1% down with a requirement to save reserves and have the seller pay closing costs. I'm a first-time home buyer and I work full-time. The apartment I live in now, I'm paying $500/mo plus utilities (splitting 1500/mo with my siblings) but I can afford to pay more than that per month obviously. The apartment I'm living in now is very small and broken down though, and it is not a stable living situation. I want to move out and be independent. I also want to own houses in the future to be financially independent. Knowing my situation, what kind of property would you recommend I buy? I do have a buyers agent but she doesn't have an investors mind and so that is why I am asking here. I want to make a decision that will benefit me financially in the future and help me on the road to owning properties in the future. (Side note: I live in a tenant-friendly state.)

[Natalie Kolodij]

If run down apartments where you live are $1,500 are there houses for $130,000? That seems pretty drastic in terms of costs. 

What kind of plans do you have longer term?

What property would fit your needs? 

Make sure you have a back up plan/ exit strategy?