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Updated almost 7 years ago,
Should I continue renting or purchase with 0 money down?
I currently live in the DFW area and rent a 1 bedroom apartment for around $876 a month, maybe $1000 with water, electricity, internet, etc included; my lease ends at the end of May. I qualify for the VA home loan, which allows me to purchase a property (4 units or less) for 0% down and no PMI as long as I live in it. My agent found me a full duplex that has had the interior completely renovated for $350k, the larger side has a 1 year lease for $1,450 a month which would leave me paying $860 a month for my side if I don't rent out the other bedroom. I plan on being out of Dallas within 6 months, so I could also rent out my side for $1200-$1250 a month which would be a cash flow of just $340-$390 a month.
My ultimate goal is to keep my living expenses to a minimum, my plan this year was to sell all of my furniture and end my lease at my apartment to do travel nursing, which would allow me to pocket the stipend money and have no rent to pay. I have no landlord experience and know that PMs usually charge 1 month's rent to find you a tenant and of course any repairs or maintenance that may arise
With the following information, would it be better off to stay at my current apartment and just end my lease when it's time to take an assignment or should I purchase the duplex and possibly make extra income through cash flow and equity but also run the risk of repairs, maintenance, etc?