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[NJ] I’m looking to buy a 1st time duplex/multi-family home and live in it

-Plan is to get pre approved for a $500,000 max 30 yr conventional loan with 5% down

-type of home: multi family duplex (more bedrooms/units the better)

-plan on living in said home

-have 2 more roommates I’m friends with that I could rent to from day 1

-north jersey market ideally within walking distance to train to NYC

About me:

-25 yr old single male

-$75,000 annual income

-805 credit score

-$25,000 in savings for down payment

-DTI is less than $1,000/month in car loan/student loan/credit card payments

Any feedback on my current plan would be greatly appreciated. I’m sick of throwing money away every month toward rent. I know it’s never a good idea to bite off more than you can chew when it comes to a big mortgage so if something were to happen I’d need to be able to pay the entire mortgage myself and I understand the responsibility. I’ll also need to boost my savings a bit more before buying so I have a solid 3-6 month emergency fund. Thank you for reading :)

submitted by /u/Dyslexia_Untied20
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hj1za7/nj_im_looking_to_buy_a_1st_time_duplexmultifamily/
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