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creative ways to buy my 1st house??
Hello everyone,
My long term goal is to create wealth through real estate. I am getting my real estate license for many personal reasons. Eventually I am going to find properties that I can fix and flip and purchase rental properties for residual income. With that being said, I want to start my real estate path by purchasing my first home.
I am a w2 employee only making 33k a year. I realize, in the market I live in, I can possibly get an fha loan and move into a house. Yet, I don't believe I can afford let's say a 1k monthly mortgage payment. Are there any suggestions out there as far as getting an fha loan to purchase a duplex (through a real agent) rent out one of the units, house hack it, live in it through whatever time I need to according to fha, re-finance (pull money out the house assuming the property has appreciated) and then sell it? I believe I can't rent out the unit if I purchase the house through an fha loan, am I right or wrong on that? Let's have a creative discussion on how I can possibly purchase my first home!
Most Popular Reply
FHA loans do allow you to house hack, no problem there.
With your lower income, it will be tough to qualify for very much on a loan. Make sure you get rid of all other monthly payments and debt first so you can qualify for as much as possible. One thing that could help you get into a multifamily would be to find a property that already has tenants renting in the other units. If they have signed leases in place, most lenders will count 75% of their rent as income for you. That could be the key to getting you enough income to buy a multifamily with FHA.
Make sure to keep plenty of reserve cash for repairs!