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Updated about 5 years ago on . Most recent reply
26 years old want to purchase my first property
Hello, i will try to keep this as short as possible.
iam 26 years old, i live in California, i live with my parents since it is a very normal thing to do in my culture. i have 180k in CASH and 0 DEBT with a perfect credit score.
- my 2018 income was at 44-46k
- my 2019 income will be anywhere from 80-120k will be sorted out when i file taxes.
since i live for free iam,,, thinking to buy my first property and put it out for rent,
looking at a property that i can buy and rent for the next two years.. something i possibly could end up living in when i get married later on.
looking to buy in fontana, CA houses are nice there and not so expensive it seems like a nice area that i would not regret living in later on after i decide to no longer rent the place,
i can easily put the 20% down payment and if the plan works out and the house gets rented i can have the property pay for itself and build equity. while i may go back to school.
please give me as much advice as possible, my only fear is that i may not be able to rent the place out and end up having to pay the 2.5 monthly payments.
thanks in advance.
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@Joaquin Camarasa makes a good point about the renter. But you really don't want to settle for low rent, long term tenants. Shop around on online platforms for competitive paying tenants.