Saturday, November 12, 2011

Is it a good idea to buy under these cirstances?

My husband and I are renting an apartment. I was thinking about buying a multifamily property for investment income. I am looking at homes in upstate NY about an hour and a half from where I currently live since the real estate is much cheaper and it's a college town. Would it be a smart move to buy a home under an FHA loan and rent out the 2 units for income? Even if I can't find tenants right away, the mortgage will only be less than 600 a month and it wouldn't hurt too much. Should we go for it?

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