I hope this helps and good luck!
Sr. Mortgage Banker
NMLS # 659743
Heather has the right idea. To get the best options for financing you might want to consider a duplex or multi unit home. This way you can move in one of the units and rent out the others to pay the mortgage payment. In most cases, you can normally cover your entire mortgage payment with a renter in the other unit you own. The best thing about this besides living mortgage free is that you can get in the house as your primary residence and you can qualify for the $0 down or 3.5% down loans.
If you are interested in learning more give me a call. I would be glad to explain everything in a quick call. We also have same day preapprovals. My number is 614-989-4812..
It does depend on the financing options available to you. If you are interested in beginning an investment property portfolio, you might consider buying a duplex, so that you could live in one side and collect rent from the other. If you find the right property, you could essentially have the tenant paying most...if not all... of your mortgage! If you are not working with a Realtor, please consider giving me an opportunity to interview for the position!
Heather Dunn, Realtor
Keller Williams Excel Realty
Ph: (614) 560-9106
2013 Columbus Realtors Rising Star Award Winner
2013 Columbus Realtors Young Professionals Network Chair
2013 Ohio Association of Realtors Director
2013 Womens Council of Realtor Vice President
Very interesting question. Your living with relatives but want to purchase a home for investment purposes. If you plan on not living there and renting it out your lending cost and down payment requirements will be substantially higher. The short answer is yes but there are many factors that need to be considered. If I may pose a few questions for you.
1. At what price point were you looking at?
2. Have you spoken with a lender or is this a cash transaction?
3. Have you set aside funds for down payment and closing cost?
4. Have you considered buying a double or duplex where you could live on one side and rent the other side out?
5. What location or area were you considering?
6. What time frame?
7. Are you currently working with a licensed real estate agent working just for you on your behalf as a buyers agent?
I am available for a free consultation in regards to your investment goals and to help you sort out and prioritize to get you through the process of buying and investment property. I have assisted other investors in acquiring income producing property. Please call me at 614.288.0423 to schedule an appointment with you to get this moving forward.
Respectfully, Jeffrey Paeltz, ABR, SFR