I got this query today from Luis. I appreciate and admire firefighters so much. I want to help. But.....Yikes! What a mine field!
Here is my reply:
Start Modest. Buy a cheap starter house, using 1st time buyer incentives + 203k. The old saw is true: You make money on the "buy" side. Buy small and cheap. To avoid taxes + get the best interest rate: Move in. Trust me. The lender will check to make sure that you are living there. Pick a place that is a little run down but not a real wreck. The important/expensive work you need to do on a house— roof, electric, plumbing, HVAC--does not show. Get them up to snuff. The trick is having money left after that work to make the place attractive and sparkling. Nice floors, nice kitchen + nice baths sell houses. But if you neglect the important stuff that does not show, a home inspector will nail you. Buyers watch all those home shows too. Even in the toughest neighborhoods, people want quality. Don’t be “greedy.” DON’T BELIEVE PROPERTY BROTHERS!!!!! TV is a lie. If you sell and make $10,000 or $20,000 in profit, pat yourself on the back. YOU DID GOOD!