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Updated over 4 years ago on . Most recent reply
Brand new investor looking for advice
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!