Real estate rookie investor

[Kelson Kanu]

I’m a student at a community college and I live with my mom, I currently work at Albertsons full time getting 500 a week, or 2,000 a month. My goal is to purchase a duplex using an fha loan whenever I get my associates. I need help in everything dealing with purchasing a house I’ve been researching but not a lot of people in my family actually own their home so it’s hard finding help in the real world.

[Chris Svendsen]

Welcome to Bigger Pockets.  You found the right place to help with buying your first home.  It is ultimately not that difficult but there are ups and downs and things to prepare for.  I bought my first home at age 26 and was a easy experience because I prepared. 

My one piece of advice is to start saving money now. There is one steadfast rule I live by in my purchases is to not waste my money, and the biggest waste of money is PMI on your mortgage loans. There are lots of first time home buyer programs and low or no money down situations but most all of them require PMI. It is insurance on you mortgage basically giving lender additional money to cover the lender if you default. Somehow making you pay even more money for a home when you don't have a lot of money to buy a home makes sense to lending institutions. Save enough to have 20% down payment for your first home or find a place you can purchase for 80% of the value of the home. Have some extra cash for reserves too as things will always happen when least expected. Other than that be honest with yourself on what you can afford. Do not get talked into paying a $1200 mortgage on your current income. Know what you can afford.

Find a good realtor when you are ready, get pre-approved for a mortgage, and find a place that works for you.  If you are open to having some roommates good chance you can even live for free after they pay you rent.  On here it is a term referred to as house hacking.  Have fun on the journey and don't rush, the right property will come through in the end.