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Updated almost 8 years ago,
Looking for first property! Need Advice!
Hello BP world!
My name is Chris, currently living in south Florida. I am currently looking to invest a severance package I received from a recent lay off. I will be starting a new job ASAP and need advice on the following:
Loans: will I get pre-approved even with my current job switch. (Same industry, similar pay). How long will I have to work at my new job before a lender approves me?
Properties: should I start with multiple small 1 bedroom rentals or focus on a larger property (within my budget). I want to house hack, however where my kid currently goes to school, there's nothing affordable in my price range. I'm currently waiting for him to finish school before moving. There's still 3 years left.
Here are the financials:
Gross Income: $70,000
Credit Score: 735
Market: South Florida
Cash Available: $40,000
Currently renting: $1539/month.
Any help would be appreciated.
Thank you!