I am fairly new to real estate and just graduated from college at 22 yrs old with a job in Pittsboro, NC, but have been listening to BP and Rookie for awhile now. I am currently looking at homes, some fixer uppers and some new construction. Generally, this post is asking for guidance regarding knowing what a good deal is, as well as getting some estimates for costs such as insurance, as well as other questions such as ease of finding tenants for room-sharing in a Single Family Townhome. One property I am currently looking at is a new construction townhome - 3 bed, 2 bath, and 1900 sq ft for a purchase price of $360,000 (Roughly $2600/month mortgage payment). I have checked rental comps on the BP calculator and have found that homes in this area with these stats can rent for around $1100, but this is nowhere close to the required mortgage payment (Realistically I think I could have 2 tenants paying at least $1000 per month each, though this calculator has me thinking otherwise). I This new construction community also has seemingly steep HOA fees of around $350 per month all-in. I have also used the BP rental calculator and there seems to be a negative cashflow of $2600 per year, though this may be skewed due to conservative inputs or other factors, which concerns me. Any guidance in this process would be greatly appreciated. I have around $15,000 in the bank which could afford a 3.5% down-payment, but closing costs and the first few months rent could be a stretch as my job hasn't started yet (The home would still be under construction so its possible I could achieve W2 income before actually paying a mortgage?). Fortunately, my career allows me to spend $2600 per month on rent in the event I can't find any tenants, but it would be seriously stretching my wallet without being able to save (This isn't including HOA, insurance, or any other fees- strictly mortgage payments). Should I look for something cheaper, or consider renting an apartment for a year or two? I can't find any other homes that are cheap enough and within a reasonable commute time of my job and am beginning to think I will have to rent for a few years, not the worst thing in the world but not ideal either as I realize the value of real estate investment. In general I would appreciate any advice in this endeavor, and any other help regarding financing as a first time home buyer in an owner occupied space in NC would be great as well. Would be happy to provide any additional information as needed. Thank you, and I look forward to continue learning from this community every day!

Raleigh, North Carolina

4 Votes