Once you have a system in place to track monthly income and expenses (see January 16 post below), you may want to think about putting a small amount of money aside each month to save for your own home. Having enough savings in an emergency fund is the first priority (see January 23 post below). Once this is in place, you could start putting funds aside to save for a down payment and closing costs toward your own home. You're already in the savings habit, so you can continue this practice for a different purpose this time.
Owning a duplex is a great way to get started as you enter the world of home ownership. You can live in one side and rent out the other. This reduces your living expenses since someone else is making a contribution to the mortgage and it also creates a residual income stream for the future if you decide to move out at some point. If you keep the duplex, you can then rent out both sides and this will provide income to you on into the future - income that you don't need to exchange working hours for as you do with a regular job.
Take action: It's a good idea to speak with an investment advisor, mortgage broker, or real estate advisor about which housing markets geographically are good ones to invest in at this time. Call one of these individuals and start doing some research about what may work best in your particular situation.
Copyright 2012 Connie Livingston All rights reserved
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