Skip to main content

215k per year salary. Want to buy my first home a Duplex

Hello all looking for some advice. Single guy here looking to purchase my first home. I earn about ~215k per year. Savings will be at about 80k. No debt, no student loans, no credit card debt... my monthly bills and living expenses are currently $700 bucks. Plus food & entertainment etc. credit score is about 790. No children, no wife. So I will be doing this alone.

Im looking to buy a duplex. I live near a major city with high cost of living. Seems like duplexes in my area range from 700k to 1 million. 3 bedroom apartments within duplexes seem to rent from anywhere between $2300-3000.

I have not gotten pre approval yet. Does anyone have any insight into how much duplex I can afford, given that I rent out one of the units.

I’m thinking I should qualify for the FHA loan with the 3.5% down.

My alternative to this would be to get a basic condo and just pay the mortgage and HOA fees myself and keep things simple. But I feel like getting a duplex is a better financial decision long term. I don’t mind being a landlord to 1-2 tenants.

Any input appreciated thanks !!

submitted by /u/8thCVC
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/luut3y/215k_per_year_salary_want_to_buy_my_first_home_a/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more