Updated over 19 years ago on . Most recent reply
1st Property
I'm new at REI and trying to get started within the next few months on obtaining my first property.
I plan on relocating to a different state and have been doing my research there. Right now, I am living at home, working full-time and saving money. I plan on moving within the next 3-5 months. I don't plan on starting my REI here at "home" because properties here are rediculous. I live right outside the DC metro area and the cheapest property I can find is about 300k-400k for a condo/townhome.
I have good credit and about 10k-20k to start out with. Now, here is my situation. When I move, I do not know whether or not to buy my first home to live in/rent out the other rooms while I'm still working full-time, or if I should buy my first rental property, while I am staying at a friends apartment for very low rent ($200/mo). If i stay with my friend, I would plan on purchasing my second property for myself to live in by the end of this year; or it would be the other way around if I bought my first property for myself, then the 2nd would be a rental.
What would be my best situation? I am 22 years old, graduated college last year, and am currently working full-time and going to graduate school. I have 2 years left until i finish my mba program, and by then, I plan on getting rid of my full-time job and doing this full-time. If not sooner. Any suggestions on my situation? My main goal is to really do this full-time instead of relying on working for corporate america (I absolutely dislike it).