In the market I live in (Southeastern CT) house prices are through the roof. I'm young and just got my first ';real job'; and already want a house, this is a small county with only 250,000 residents with 50,000 (low income, mostly) jobs created by a handful of companies. Because of this I want to invest in a multi-family to get started.
I have been told that I would be able to get approved for a 190,000 loan on a multi-family but the bank says that it needs to be in ';move in'; condition. I'm hard pressed to find any multifamilies in that ballpark that are not ';fixer uppers';, though I'm just browing online. I'm very new to this and just beginning the process. Is it worthwhile to look at the online listings? I will definately go and shop around for mortgages when the time comes. With a credit score average of 760 (707, 778, 804) and an income of 40k, what options do I have as a first time home buyer?