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Updated almost 8 years ago,
Looking to buy a duplex or a 4 unit as my first investment.
Hello guys,
I'm looking make my first deal. I don't really care about living at a nice home therefore I dont plan on living in the property.
My plan is to purchase a duplex (Or 4 unit if the bank allows me) and have my mom live in one of the units (and manage the property) and rent the 2nd unit. However, I live in LA and my mom lives in So Flo (Coconut Creek). Here are my questions:
1) Can I buy in So Fl but live in LA? (Will the bank be ok with it?)
2) Can I finance in LA and buy in So FL or do I have to get a financing company in So Fl?
3) What are my loan options and what would be the most beneficial and cost efficient type of loan for me.
I have good credit and a strong steady income (I'm a Civil Engineer)