I’m new to the forums, so hello to everyone! :biggrin
Anyways I will keep it quick as I can and try not to scare anyone away with a long post.
Me and my friend are both 20 years old and looking to buy a home or condo to live in for one or less years.
I have a fluctuating income of $1200-$4000 monthly and my friend has an income of $2500 a month. We also both have FICO scores of approximately 710, however only a two year+ credit history.
We want this property as an investment, as both of us will be transferring colleges in a year or less. We plan to sell it before that time, or rent it out.
Our area we are looking to buy is within 30 miles of Pasadena, California in Southern California. Houses around here seem to go from $400-$600 thousand on average, with still many above that mark. We are looking for a three or four bedroom house, and will hopefully rent the additional rooms out.
Me and my father are very proficient in house repairs, from electrical to plumbing, and from flooring to landscaping, we have covered many aspects of home remodeling, so a fixer upper may be great for us.
Also we are looking to buy as soon as possible, but will absolutely not rush into a bad deal for us.
All that being said, my questions are as follows:
Would it be beneficial to buy a foreclosed home if we could find one?
What are the key facts to know about taxes when buying a home?
With our incomes does buying a home seem safe? (We are splitting everything 50/50)
In regards to a loan, we were hoping to find an interest only option loan, with a very low down payment, any advice on the loan specifically?
What are common aspects that home investors overlook?
With our credit history being so minimal, can we even get approved?
Lastly what are some good sources for looking for homes/condos
Any other tips are greatly appreciated. Also I understand when people just jump on forums looking for quick help it can seem rude, so I apologize if that is the impression I gave. I’m just looking for some quality help, and with reading posts from others this seems like a great place to post. Anyways thank you in advance to anyone who can offer some quality advice.