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Updated almost 5 years ago, 03/10/2020
First Purchase is 2 SFHs
I'm looking to buy two SFHs on one plot of land about an hour out of Washington DC. I'll love in one unit and rent the other. The rental is a 2br 1ba with a large den than can be a 3rd bedroom. The mortgage is a lot for me to pay on my own so getting it is dependent on having the second unit rented out.
Would you make your first investment a property you couldn't afford to pay for on your own? I'm nervous because this deal means I'll become a landlord overnight and I have no experience. I'd love to hear your advice. Living in the DC area means I can barely afford any home up closer to DC, hence looking at hour out. And finding a duplex is almost impossible up here so I feel I shouldn't let the opportunity pass...but at what cost?
Thanks in advance!
Also, if anyone invests in the DC area, feel free to connect. I'm looking to make some local real estate friends.
-Nancy