Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

User Stats

24
Posts
21
Votes
L. L.
21
Votes |
24
Posts

Purchase 1st Primary Residence Vs. 1st Rental Duplex OUS

L. L.
Posted

Hi Everyone on Bigger Pockets! Im looking to try and get into  my first rental duplex in Cleveland Ohio as well as purchase a primary residence Condo in my city of Ventura CA and Im not sure which to purchase first. The goal is to have 3 rental units within twelve months but need to know which investment to purchase first.  The First option is to purchase a duplex in Cleveland Ohio with 20 to 25% down.  Im under the impression that this may help, or at least not hinder my debt to income ratio. Im thinking that if I can get into a duplex that meets the 1% rule, It might help my situation.  After I get both units rented out I can then try to qualify for a first time home buyer loan in my home city.  I would also have to buy a condo.  The market price of a condo in Ventura County is about 290k to 330k on the lower end.  Also, (a duplex in Cleveland is about 100k). Second Option:  Buy a condo first, rent it out after twelve months and develop a history as a Landlord.  The problem I am seeing with buying a Condo first is that this will ruin my debt to income ratio.  If I was to purchase a condo at 300k this would probably make it harder for me to purchase rental properties and I would need more income. I also wont qualify for a single family home as the price for a house in Ventura County is around 600k to 800k and so a Condo is my only option in Ventura. If there is any one out there that might be able to help me determine which route to pick first and shed some light I would greatly appreciate it.  Thanks much!

Loading replies...