Advice for First-Time Homebuyer
I highly recommend purchasing a house that is under $150,000 – even better under $125,000 (but still meets your family’s needs). Main reason and I wish someone told me when I purchased my first house, is that you will keep this house, and this will be your vehicle to retirement. One good reason is that if you think living on $50,000 a year income is okay (which today I believe we need more and that means you’ll require more income in later years). All you really need is to invest $1,000,000 (|$1Mil) into a investment fund / bank earning 4.25% interest per year. But my problem was first, where that $1,000,000 and what bank is giving 4.25% today!
But if you keep this house as an investment and rent it out, you could have a steady source of income monthly. And in today’s market the average rent is usually around 1% of the Market Value of the house! For this example, that means $1,500 a month - $18,000 a year…
There is more to being a true investor, so for more information contact me by text / voice at