Im 20 years old, two months ago got a job making 00 a month after taxes and i have 00 saved up. my monthly bills now are 0. what can i afford, and should i get a condo, townhome or home. and what size. a 1 1 and live by myself or a 2bedroom and find a roomate. thanx for any answers
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Contact a mortgage broker to find out what type of mortgage you are qualified for.
If you plan to be a landlord you might consider the purchase of a duplex or 1-4 units. Of course this type of purchase would depend on the price, area and if you could afford these type of properties.
1-4 units are considered the same as a single family home for the purpose of a mortgage as long as you are planning to reside in one on the units.
You might try a FHA loan as you would only be required to come to the table with about 3-10% down if that much.
Being a new landlord you might also check out the Apartment House Association in your area for hints and things needed to be a successful landlord.
This is an organization that you might consider joining as they have the necessary rental forms, eviction forms,able to run credit reports or can assist in finding an agency that might do this for you.
You can never be too young to start your investments for the future.
I hope this has been of some use to you, good luck.
"FIGHT ON"
As you are still young, you might even consider, for a couple of years anyway, a mobil home. Don’t laugh! I know what you’re thinking, "Those are for old people". But for a couple of years it would help you save up for something like that condo without breaking you. But whatever you choose, be aware of theft issues in S. Florida! Best of luck to you – and keep cool!
It’s a good idea to have a roomate to start with. Just make sure that you find someone that you can get along with and trust to actually pay their part of the bills. Don’t spend beyond your means so that you can save money and in a few years you will be able to buy something. The good thing about a condo verse’s a house is that you don’t have to do the yard work. Most condos have hot tubs and pools that you would not be responsible for taking care of. The bad thing about a condo verse’s a house is that you will have many rules to live by, you will have someone on the other side of the wall or walls that may not be as quite or noisy as you. I used to live in Fort Myers and loved it. Have fun in South FL. ! Good Luck!