Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago, 02/15/2022

User Stats

5
Posts
2
Votes
Terrell Owens
2
Votes |
5
Posts

Opinions on starting investments

Terrell Owens
Posted

Rhode Island area

Hello

24 years of age and my gross income is around 50K annually and I plan on using a conventional loan, I thought possiblly 3.5%-5% on an down payment.

I have about $15,000 that I wanted to use on a Duplex and I have a few $1000s for closing close and other needs.

However I'm worried. Between a single and Duplex, within my price range (300k) the duplexes aren't in the best condition compared to single family homes, I haven't been viewing the market for that long but from what I see now, I think "I want to renovate." In order to get my best chances to rent out the other unit(Most likey living in the other one).

Is my best option just to save more for my down payment, possibly a price range of 250k(which will be hard for a duplex) or perhaps my problem is that I assume I'll have a vacant for a long period of time, which it's possible but I think the more someone puts off something, the unlikely chance that they'll commit to it.

I also do plan to get my real estate license (currently studying, Massachusetts area) and I understand I probably won't get rich from it early on but being able to add to my down payment without waiting two weeks for a check from my hourly wage would be helpful, so should I wait for that?

Any advice would be appreciated.

Loading replies...