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Updated over 6 years ago,
Starting out with conventional mortgage
Hi. I am trying to get into rental properties. I am ready to buy my first property however little confused as to where to begin. I’ve spent some time on BP forums, listened to a few podcasts and watched a few BP youtube videos.
I just got a preapproval for $325k. How would you start? I live in DC metro and it’s extremely difficult to find a house where I could house hack for 325k. I have about 20k saved up for down payment. I make about 68k a year from my full tIme job.
I’ve been looking in Baltimore area for rental properties. It seems like I can find a decent 2br/1.5 ba rowhouse for about $130k in Baltimore however it doesn’t seem like it will cash flow more then $100-130 a month.
What would you do in this situation if you were starting out?
Thank you!