Plan on moving out soon , is it a good idea to wait to purchase a home or is renting a property from someone a waste of money when that money can be used to own?
@Precious Thompson It is always a good idea to consider Buying vs Renting. For you especially being young, I would consider house hacking. There are several forum posts on this topic take a look around.
Look at your finances and see if you have the ability to buy versus rent. You will want to speak to a lender to see if you can get pre-approved, and if so, for how much.
Depends on your plans, goals, aspirations, market area. My husband is active duty military so we move around a lot. We have actually turned this into a great asset. In addition to our pure rentals we buy personal properties at every duty station that we rent out when we move. This works great for us because we can put 5% less into our houses with low interest rates and cash flow. While it doesn't follow any of the rules 1%, 2% or 50% we are able to cover our expenses . We preserve our tight margins by self managing, keeping our vacancy rate to almost 0 and keeping expenses down.
While this certainly doesn't fit for everyone if there is a will there is a way. We know many friends who had roommates so they lived rent free and they used their rent money they were saving to buy another property. Many people on this forum have also bought multi units lived in one and rented the other out.
If your interested in our strategy check out my blog. I talk all about our method and even have some free ebooks coming out about self managing , mortgages, etc.let me know if ic. an answer any questions! Good luck!
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