Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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.
New Member Introductions
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 over 4 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
James Balducci
0
Votes |
2
Posts

Brand new investor looking for advice

James Balducci
Posted

Hello all, 

I'm a newbie who stumbled across bigger pockets and is eager to learn more. My story is a rather long but I'll attempt to include all of the important information. I'm looking to buy a house closer to where I work due to my job being an hour drive one way.  I have a friend who currently lives close to me and just recently got a job at the same company and is willing to rent a room from me. I'd like to buy a place and rent out a room to help offset the cost of the mortgage but I don't have too much for a down payment. I potentially have a third roommate as well which is why I'm pushing this idea and I think it would be a good opportunity. I'm not an expert by any means but it seems like housing in the area I'm looking in is rather expensive and I'd hate to buy a house and have housing prices crash right after that. My end goal is to use the house I purchase as a rental property when I settle down and get a home for myself.

Should I not jump into this without too much of a down payment just because I would have 1 potentially 2 renters? 

Is it a bad idea to get a mortgage without a significant down payment? 

Any an all advice would be greatly appreciated.If there is any information that is important to know that I didn't include please let me know. I don't have any experience in real estate so I don't know what the best course of action would be. Thanks in advance!


Loading replies...