quick Question

**mciau** · 03-26-2008, 12:25 PM

i am having second thought about buying a duplex, i have received lots of tip from this forum and i keep coming back, but i wanted to know what would the deposit be like?? and since i am a first time buyer would i receive any discounts?? I have my salespersons license to but i haven't gotten in the business as of today because of school and what not. But after graduating i will look into this some more i wanted to see if any one has any pointers for me being in college and credit being badly injured, what would be some things to think about before buying a duplex, since i want to rent one of the apartments and live in the other, using the rent i receive to pay off the loan i don't know if this might be a good situation but im open to new ideas to improve it. and i know for a fact that my credit should be taken care of first. I am only 20 yrs old and im trying to get my life started but i need a little advice plzzz

Thanks in Advance to all who have helped me in pass forums

**carlam** · 03-27-2008, 05:28 AM

Forget about a duplex or any other home buying until you get your credit fixed. You should be talking with a financial adviser on how to fix your credit. I wouldn't recommend buying a house until this is done, anyway you are probably just spinning your wheels and wouldn't even qualify for a house, much less a duplex.

**JJohnson1985** · 03-28-2008, 06:13 PM

carlam is right. You will need good credit. I give you a high five for your plan, living in half and renting the other, but look at your credit and assets.

**minnesota-mls** · 08-13-2008, 02:44 PM

I commend you for thinking along these lines. Providing good safe, affordable housing while renting part of your duplex is a great idea. The first property I purchased here in Minneapolis was a duplex. I lived in half of the property and rented out the upper unit. Collecting a nice rent check each month helped out greatly with the monthly payment.

I must say I do agree with the other two posts. Look towards getting your credit in line first. Find a credit repair company that can help you get your "ducks in a row" so you can put yourself in place to buy.

Also attempt to save some money for a downpayment. In the process, find a great mortgage person who can plug you in with the various first time homebuyer programs that are out there. This is crucial! There are not only so many great properties on the MLS for you as a buyer to choose from, but a number of outstanding first time home buyer programs as well.

In any case, I hope this information helps out. Have a great day!