Quote:
Originally Posted by BMW F22
Piggybacking on this thread: for first home, would you buy a single family home or a multi-units, live in a unit and rent them out and create cash flow?
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I'm in a very similar position myself and think it's a brilliant idea!
I'm still in college, so it wouldn't be anything fancy, but I'd really like to buy a fixer upper duplex or single family and rent out the unused unit/bedrooms to students. I'm single and need to be close to my University for grad school for the next 4 years, so wouldn't have any problem finding tenants. (Would prefer grad students as well).
I have looked at a few places already, and the numbers make a lot of sense, here in central FL at least. To give you an idea, single bedrooms are renting for $900/ MO near the University and I can probably get my mortgage down to around that with 20% down.
The problem is even though the numbers make sense for my use I still feel like stuff is overvalued right now, so I'm being patient and will continue saving.
There's always deals out there, so I'm constantly searching Zillow and Redfin hoping something will pop up, but so far nothing fits the bill. I also have a realtor friend who has been sending me stuff off the MLS daily, but so far nothing in the right location.
I have a decent amount saved from working throughout school, so just trying to be smart with it and hopefully it will pay off in the long term.