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Advice for First-Time Home Buyers

Friday, May 23rd, 2003 · No Comments

I just posted the following message on craigslist and would appreciate input from anyone who may read it here, too. Please post a comment or contact me directly.

    My fiancee and I want to buy property in SF – hopefully in early 2004. We currently live in the Inner Sunset and love the neighborhood. I’m not a realtor and don’t know a whole lot about real estate investing, but am very interested in it.

    What’s the best approach to getting into the real estate investment business? For our first home, should we focus on getting a single-family house or look into a multi-unit building? It seems to make a lot of sense for a number of reasons to go the multi-unit building approach (greater equity with a tenant or two who pay for a portion of the mortgage; tax write-offs; etc.).

    From what I understand, we could likely be approved for a larger loan if we’re buying a multi-unit building, since the rental income is factored into the equation. Given that, I’m estimating that we could afford somewhere in the $500k range for a single-residence home or upwards of $750k for a multi-unit building.

    I’d greatly appreciate any pointers or guidance.


Tags: san francisco