Recently, I have been reading and researching all there is to know about being a first-time home buyer. Tim and I have decided that we may want to invest in some property in the near future. The question is, where? Should we buy in Virginia, DC, or even PA? We know we want to start small, with say a condo, and rent it out. But beyond that.....This is all very exciting...I feel like I am back in school again, and learning something new. My eyes are wide, and I want to dig in.
Please let me know if you have any words of advice.
2 comments:
Rule #1 - Never buy a house that is on fire.
Other than that, I have no really good advice about it. Buy something you would be happy owning yourself, and then you know someone else will be happy renting it from you.
Homebuying is really exciting! My two cents of advice: Don't underestimate the amount of work that will be needed to make even minor changes. It took Bill and I a lot more effort than we imagined just to repaint the walls! Not that you don't want to buy a place to fix up, just make sure you are accurately estimating the work.
Oh, and be careful with mortgage agents. We had a meeting with one that was a bit shady. I think he thought we were young and didn't know what we were doing. Good job on doing your research, it definitely helped us avoid being taken advantage of.
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