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Typically lenders will require 20% or more down if purchasing an investment property. You will have to qualify for the full payment even if you are going to be receiving income from the rent but if you do not have a long history of being a successful landlord that is typically the requirement. So you will need to save up more money for the down payment and purchase price will depend on if your husband income added to yours would allow you to qualify for a wider price range to give you more options/selection. If just using your income to qualify it would put you around a $700 a month house payment would mean depending on your credit score which determines your interest rate, if your credit is excellent you would qualify for maybe around $90,000 loan amount or a purchase price $110,000-$115,000 minus 20% down (about 3 times what you now have saved. With prices and interest rates where they are many have added properties to their portfolio as long term investments since with the downpayment with the right property rent can cover the cost of payment taxes and insurance. There are actually some properties in that price range to choose from but you need to save more for your down payment. Talk to a lender and get a true determination of what you need to do or would qualify for and then set a plan to work toward your goal. Many are doing the same as you are thinking and the numbers are supporting the idea to move forward.
Hello;That is a huge question that deserves more time than this comment can allow...but if you can buy at a low enough price, and can rent it out where you may generate positive cash flow after ALL expenses have been factored in, and are not in a declining market, and are willing to endure such a headache, and can accurately anticipate repairs, etc, etc, etc and etc (research is key), and can find good tenants (not family)....then the advantages might outweigh the negatives. I have been a landlord for many years, with plenty of experience, and have made good investments and bad. I enjoy the appreciation these units have achieved, as well as the tax breaks. The management has probably taken years off of my life due to stresses one may never anticipate...but in the long term I am looking forward to several good retirement sources of income.
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