Updated over 5 years ago on . Most recent reply
Edu or live and flip
I am in the process and buying my first house, I have chose 2 for different reasons and need help on what to choose.
#1 is a 4 bedroom 3 bath 2600 sq ft 2 store gone that needs cosmetic work.
#2 is a 4 bedroom 2 bath 1550 sq ft home.
This house is interesting beacuse it has a large new detached 2 car garage on the back connected to a back ally.
House 1 is $325k and I would live in the house as I fix it up in hopes to get a cash out refinance after a few year to buy a different rental
House 2 I would convert the back garage into a 1 bedroom apartment and rent it out to lower my mortgage dramatically. I could also fix up the front house and eventually rent it out to in a few years.
Both options I would use a FHA loan.
I also have a family of 4 and we are currently renting a 4 bedroom 3 bathroom 2700 sq for house
For comparison
House 2 is 300k