Hi everyone,
I’m new to Biggerpockets and real estate investing in general and am looking forward to learning from you all!
I’m looking at buying my first home and am interested in house hacking since my partner and I don’t have a family (and therefore too many privacy needs) just yet. I’ve saved up a significant sum of money from a well-paying job while living at my parents house for a few years, and am getting some inheritance money as well - I will soon have approximately $300k liquid.
I'm hoping to buy a duplex for ~$700k and to rent out the other side. Here's where I need some help: I'll have plenty of cash for a conventional loan with a 20% down payment. But, is it still better to use an FHA loan with 3.5% down and put my remaining cash to work somewhere else? Pros and cons to both approaches? I'm having trouble figuring out if the PMI requirement with 3.5% down is worth the smaller capital outlay.
Alternatively, are there any other beginner RE investment strategies that you think would be a better fit for my situation? I’m not a handyman or DIY enthusiast by any means, so I’m not particularly attracted to flipping. I just like the idea of having cash flow to cover my living expenses!
Thank you all for your help.
