First-Time Home Buyer
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Options for purchasing
I'm currently applying for pre-approval to purchase my first ever property. Since I'm 24, and don't have much behind me I'm planning on using an FHA loan and taking on the PMI expense. I have a good credit history and I make solid income.
My original plan was to house hack a duplex in the area (Kansas or Missouri), but the real estate agent I'm working with informed me that I'd have a better cashflow and appreciation chance if I purchase a single family unit. The reason why is that in this area there is a lot of competition among the multifamily properties, thus, not making them cashflow efficient. However, he also stated that the multifamily unit is a better option if I'm thinking on a long term hold (which I am) and it will have two units rather than one when I move out to the next property.
Any advise on things I may be missing in my though process? Should I consider a single family home and eat the cost of owning it for a year while I fix it cosmetically and then rent it out when I move out?