Is a single family home applicable to your needs as a first time home buyer? There's no secret that we are in a sellers market with inflated interest rates and the average home price significantly higher than prior year.
If you have the capital and savings consider the following alternatives that can be income producing and a long term investment to your real estate portfolio.
*Multi-Family Properties: A duplex or quad-plex could allow for you to live in one of the units and lease the remaining units, the mortgage would pay itself off. FHA loans will fund multi-family properties as well.
*Condo/ Townhome: A 1 to 2 bedroom condo may be up for consideration, you can always lease in the future and possibly do short-term or furnished corporate stays which could earn up to 2300 + a month.
*Move-in Ready Homes: New construction seems to be more desirable as your first home, consider a move-in ready home that is slightly older. You can acquire a loan that will allow for a renovation budget and make updates accordingly. Research has shown some move-in ready homes to be more affordable vs new constructions right now.
Check out my customized list of multi-family properties and Condos under 300k in Houston, TX
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