07-07-2019, 09:44 PM
If you want to live in it, dont buy it with another person and the bank is sure as hell not going to lend you money as a first time home buyer DBA LLC....
If you can come up with 3% down to qualify for FHA first time home buyer AND you have job/income AND you want to live there 3-5 years while renting out extra rooms.... could be a smart move. Just make sure if something comes up and you want to leave that you can rent it out for some number that gives you some cushion over the house note to cover incidentals/repairs/etc, but be aware that if you're a landlord and say... the a/c goes tits up... you could be on the hook for an $8k HVAC system. Or a new roof. Or your basement floods. Or.... any number of things.
If you can come up with 3% down to qualify for FHA first time home buyer AND you have job/income AND you want to live there 3-5 years while renting out extra rooms.... could be a smart move. Just make sure if something comes up and you want to leave that you can rent it out for some number that gives you some cushion over the house note to cover incidentals/repairs/etc, but be aware that if you're a landlord and say... the a/c goes tits up... you could be on the hook for an $8k HVAC system. Or a new roof. Or your basement floods. Or.... any number of things.