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Updated over 7 years ago,
Buying first house - Minneapolis Area
My fiance and I are starting to take our first steps in buying a home (non-investment). We know we want to invest in rental properties down the road and want to start with our first house we buy. Our goal is to put some forced equity into the home and be out in 2 years. Hoping that we will have enough saved for a DP on our next property.
We are starting to reach out to possible lenders, so, what kind of questions should I be asking or what should I specifically be looking for? Are there certain types of loans that make it more difficult to rent? I've heard some loans require you to live there at least a year, it has to be your primary residence, etc....
Currently, I feel good about what types of property to look for in our market, it's the financing part I have the most questions about.
I don't want to get "stuck" in a house because I didn't set us up right from the beginning.
Thank you for your help and any other advice you guys want to throw our way!!!
Matt