Hi Everyone, my name is Niomi and I am super new to investing and still learning.
I am a first time home buyer, and as of right now I have about 25k saved up for a down payment on a mortgage; I also have money on the side for closing costs. Currently, I live in an apartment and make 40k a year. I have looked into house-hacking but the area I live and work in (Bergen County, NJ) has duplexes well over $300,000. If I was to do a house-hack my end goal would be to move out in 2 years and rent out the unit I was in. I talked to a broker and he recommended I save another 10-15k before I apply for an FHA loan. Also, I've heard cons about the FHA loan i.e. paying for the FHA Loan Mortgage. The other option I've been looking at is investing in a 100k condominium with a 25% down payment on a conventional loan and renting that out. I've checked multiple MLS's and have found condos in that price range with low maintenance costs close by. Yet another broker stated that I should consider house-hacking instead since I will still be renting separately. If I was to go the FHA route my lease ends in October this year, and if not I could still save till my lease is up next year. Or I can invest in the condominium this year?
I would love to get advice about my options and possible more choices to do research in.
Thanks! :)
