If you are used to living in an apartment but are tired of paying rent there is a great option available for you. This option of home ownership also allows you to build a Real Estate Portfolio of Rental Properties so you reap the benefits your landlord has been reaping from you. Here is how this can work for you. First and foremost speak to a qualified lender about how much money you can borrow for a home. Then start your search with a qualified Real Estate Agent that understands your needs. One of the Best Options for Home Ownership as a first time buyer is finding a duplex. Now I know that may sound strange but let us look at why this is so great.
1. You have been used to living with close neighbors.
2. You get to pick who that neighbor will be.
3. You collect rent from the second unit.
4. Your monthly expenses for your home can be cut in as much as half.
5. You are building equity in the Home.
6. You have started your Real Estate Investment Portfolio.
If you can do this for a period of 3 to 5 years what happens is as you build equity and again begin to save for down payment, you begin looking for a home for your family that is detached. You are not on a lease so if something comes up you fall in love with you can move ahead with that. Once you find your perfect home (although no home is perfect) you can then lease the side of the Duplex that you were living in. This should more than cover the expenses for the Duplex and now you have a steady stream of additional income and building equity in your newly acquired Investment Property. A great option for someone starting out and with prices there are great deals on these types of properties. Hope this helped and feel free to ask any questions.
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