Looking to buy first home

[Lake Bradford]

I'm 22 and planning to buy my first home in the Atlanta area (currently living in Midtown) by next September. I have a strong financial profile with a $120,000 annual income, good credit, and plan to have at least $50,000 saved for the down payment, though I do have about $15,000 in student debt. I have also applied for the Greenline grant (a first-time homebuyer assistance program) and am hoping it covers some of the costs, but I won't know if I'll receive the grant or the amount until March, so I'm currently budgeting without it. My main goal is to live in the property for a few years and then convert it into a long-term rental, which makes my choice of property type crucial: should I focus on a single-family house outside the city, a smaller home within the city limits, or a condo? I am highly concerned about buying a condo because I've heard Atlanta condo rental restrictions are extremely strict, with many HOAs having rental caps and long waitlists for permits, which would prevent my long-term rental strategy. Any advice on what my next steps should be? 

[Aaron Zimmerman]

I would recommend buying a house hack. You’ve set yourself up well to purchase a 2-4 unit property that you can live in one of the units and rent out the others. If you wanted to get a bit uncomfortable, you could even rent out the other bedrooms in your unit to others. Since you’re 22, you have a lot of time. I’d try to do this strategy every year or two if you can. It’s the easiest way to get into more expensive markets such as Atlanta. Keep saving. I would only pay off the minimum on the student loan debt. Your capital is best used to purchase your next house hack and have reserves.