Purchasing primary residence and first rental property.

[Gary Miller]

Hi all,

Long time lurker, first time poster.

I recently moved my family from Brooklyn to north New Jersey. Taking a few years to sort out some bad credit and a financial loss from a failed restaurant, my wife and I have been reading, listening and educating ourselves on real estate, as much for the aim of being able to purchase a primary residence, as to obtain our first rental property. We are in a position now, credit score, income and savings, where this year we are in good shape to secure conventional or FHA financing.

I am self employed (I own a bar/comedy club in Manhattan) and I like being close to but outside New York City. I researched areas for my primary residence and currently rent in the school district I want my kids to be in. There are a few fixer uppers in the range I want to spend in my area, I also have a construction management background.

Im looking to put 3% down on FHA for the primary residence and keep the lions share for downpayment on the rental unit (or units) if required.

Any advice of comments would be welcomed.