Good afternoon:
I'm a bit nervous since this is my first time starting a discussing on BP. But like many members on BP, I'm trying to get started with rental properties, and I'm trying to educate myself the best I can. I live in NYC, and as everyone is aware, the properties in NYC are costly; nonetheless, I have been looking into two-family homes using an FHA loan with 3.5%. I would live in the house and have a tenant to help with the mortgage, but within a year, I would move out and rent out the apt to other tenants. I was having a discussion with my boss, who's a seasoned investor, and he advised that I should not depend on the tenant to pay the mortgage and to have some money set aside just in case the tenant turns out to be a deadbeat. So now I'm afraid even to get started. What has been your experience, and what you would advise?
