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Updated over 2 years ago,
working on my first deal & need guidance on my strategy
Hi, i am new to this , i already owe my apartment but i am looking now to invest & i have in my mind 2 ideas that i wish to seek in the coming 6-12 month
- first is buy a Duplex home live in one & rent the other using an FHA loan ( while i will rent my current apartment that would leave for me a cash flow monthly of $800) the reason to live in it with my family is to be qualitied for the FHA loan. for the new duplex my total loan would be around $6,500 and the other house can be easily rented for $4K its a 3bd 2bth, yes i would need to pay $2,500from my pocket but i am able to move my cash around more with the below step.
- while i hold a decent amount of cash i want to use that amount to invest in a quadruplex for long term rent that will require a 20% down payment and for that reason i want to hold to my cash.
what recommendations do you suggest here & is this the correct approach or wrong one and if so what do you recommend me to do?
appreciate your guidance and help
thank you guys