I’m 27 years old, just moved to Denver and am looking to buy my first home/investment. I have been pre approved for 150K and am looking at taking advantage of an FHA loan. 150K will not get alot as far as single family homes go in Denver, I will mainly be looking at condos. My question is what tactic should I be using here? It seems like my only choice is to seek a motivated seller and negotiate a much lower price than what the home is valued at (duh) so I can possibly sell within a year or two. Another question is how does the FHA loan work, I will definitely need some money for fix up, would this come in the form of another loan? What kind? I’m sure these are stupid questions to many of you but I am just trying to get going in the right direction and get a plan going. Thanks in advance for any/all info.
Read the threads here on buying a duplex (2 units) as your first home. That can make a lot more sense. Then you learn landlording and home ownership at the same time.
Good luck and let us know what you think about that plan.
How much money do you think you’ll need to “fix up the place?” You could look into 203k FHA loans, but that wouldn’t really come into play unless you were making 15-20k worth of renovations. Otherwise, stick with a conventional 203b. Also, would definitely agree on the duplex idea.