Using first time home buyers program - Posted by Mike (MI)

Real Estate Investing
1

Posted by qstaff on August 18, 2003 at 21:09:21:

The 2-family is always a good way to get started. Just make sure you understand all the details in the homebuyers program.

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Using first time home buyers program - Posted by Mike (MI)

Posted by Mike (MI) on August 18, 2003 at 20:52:15:

Hello everyone,

I was wondering if anyone could help me with a small situation. I’m planning to move into my first home pretty soon and I also want to invest in RE. I came across a program here in MI called Faith Community, a first time home buyers program where they pay your down payment and closing cost up to $5000 that don’t have to be repayed untill you sale the home. The program is targeted citizens who make under 40K per year.

Here’s my plan, I want to buy a two family flat using the program, rent the second unit out, and start my investing that way.

Can any give any insight into would that possibly work? I tried to see would there be any cons in doing such a deal. Can’t think of any.

All infomation welcome!!