Moving back home with parents to buy first rental

Rental Property Investor · North Augusta, SC · Member since 2020 · 51 posts · 22 votes

We bought our first house in 2018 in Norcross, Ga and are listing our house for sell this week with hopes of netting 100k. We our unhappy with our current jobs and are looking to get new jobs and move back home with my parents in Augusta, Ga. We plan on saving money living with my parents and buying our first rental in Augusta, which is a smaller market but is much more affordable for us . Like to get any advice on what I should consider during this crazy change. Thanks!

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Theresa HarrisPro Member

Member since 2019 · 15k+ posts · 11k+ votes

Why not look at buying a duplex where you can rent half and live in the other half for a while. Done right, this should decrease your living expenses.

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Winn MerwinPro Member
Rental Property Investor · Augusta, GA · Member since 2016 · 90 posts · 32 votes
4y
That is a bold move and one that should help you get ahead in the long run. Best of luck! Augusta is a great market.
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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
4y
Why not look at buying a duplex where you can rent half and live in the other half for a while. Done right, this should decrease your living expenses.
1 Reply
Victor SteffenBusiness Member
Investor · Austin, TX · Member since 2017 · 352 posts · 374 votes
4y
Like Winn said- bold move which I'm sure will work out great for you long term!
I assume you'll sell the Norcross house, pocket the $100k, move back in with your parents for a few months while you:
1. find another home to househack and purchase using low down payment financing (fha, va, usda) to preserve your capital stack
2. purchase a rental using traditional 20% down financing (if you have trouble qualifying for conventional debt look into a DSCR loan product).
3. Save some of that cash you you can move into another househack in 2023 and pick up another DSCR funded rental

sounds like a good plan to me!
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Kenneth Mooney
Rental Property Investor · Augusta, GA · Member since 2016 · 348 posts · 171 votes
4y
Welcome back to Augusta. My wife and I love it here.
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Robert Lombardi
Member since 2022 · 6 posts · 0 votes
4y
I'd practice and get good at sales and communication. That's what works for me.
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