As a first time home buyer some people are anxious to get a jump in real estate and think they would like to buy their first home but also would like to buy a rental property. How about buying both? I know what you are thinking, you only qualify for one loan. Exactly!
Did you know you can buy a single family residence, a duplex, a triplex or a four-plex as a primary residence most times? Meaning you can live in one unit and rent out the other one, two or three. This is a great option to people that may make enough money to qualify for a loan but may not want to be married to their mortgage payment. Or, people that live in an area where house prices are a bit ridiculous and they can’t afford what they want because their payment would be too high on their own. Or, people that simply want to start investing in real estate but also don’t want to keep throwing money away on a rental.
I have had quite a few smart, young buyers buy duplexes lately. And, I must admit I am jealous nobody told me this idea when I was buying my first home. It is a great idea to share the monthly mortgage payment without having to share personal space and retain privacy. It is a great way to have a longterm investment and work on retirement while simply buying a place to live.
If you are looking for your first home or to start investing in the southwestern WA area, give Dawn Workman a call 480-540-8100. She is an experienced Realtor that takes the time to not only listen to the needs of her buyers but to explain and help guide through out the whole process. Dawn has been helping first time home buyers and investors alike for over 12 years. Call her today and see how she can help you.