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Updated over 5 years ago on . Most recent reply

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6
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Jake Vice
  • Aliso viejo
0
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6
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24 year old looking for some experienced advice!

Jake Vice
  • Aliso viejo
Posted

Hello BP members! Thank you for taking the time out to read this! So here's the situation. I'm 24 years old, self employed with a business that brings me $85K take home live in Orange County, CA currently renting a 1 bedroom apartment for $1850 with my girlfriend not including utilities. I was considering buying a 2-3 bed 2 bath condo in my area for around $400K is the going rate at the moment with my fha loan option 1 or just put the 20% down to avoid the $170 buyer insurance for FHA loan. I would rent out one bedroom for $1000 which is market rent for 1 room in my area. Looking around $1900-2100 Overhead for mortgage, insurance etc. If I rent the room that would put me at $1000 plus utilities my overhead split between my girlfriend and I. Deciding if it's a good move to buy or just to keep renting and save my money for another investment and not have to worry about maintenance, HOA fees etc. Also I know the market is high right now but it would be a long term hold and wouldn't mind to lock in the low interest rate. I just hate that I'm giving this investor $1850 a month for a one bedroom LOL. Anything helps thank you!

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