Buy a rental property now?

[Teddy Smith]

Hi All,

I'm a newbie who wants to get started in real estate. Currently, I'm looking into a duplex in the East Bay of the SF Bay Area that's just been fully renovated and one of the units has just been filled with a tenant paying a market rent.

I'd use an FHA loan, and as far as I can tell, the numbers indicate that if I can get another market rent in the vacant unit that the property should cashflow somewhere around $300-$500 per month.

A lot of videos I've watched on YouTube are suggesting waiting until mortgage forbearance expires, but I know that's going to be at least another 7 months, and I feel as though there's always going to be many reasons not to get started, and considering that the numbers make sense (i.e. that the property should cash flow from day 1) and considering that it's just been fully renovated so O&M costs should be minimal for the next several years, I feel like I should just get going and get started.

Also of note, I am planning on using an FHA loan, which does required owner occupancy for a year, but not actually living in it. My realtor says he knows a bunch of people who have done this and they just have their mail sent there and it's never been an issue. Thoughts on this plan?

Any advice would be appreciated.