Im stuck on wether I should make the plunge now or wait another 2 years until I'm ready to buy my own home. Im 22 years old still living at home and paying barely anything for rent. I refinished my parents basement and am comfortable staying here another two years. If you were me would you keep saving your money and eventually buy a multi and house hack or would you invest while your still at home? I have the funds to go conventional but it will pretty much wipe me out for the area I'm looking to buy in. I have no debt, trucks paid off, quad, etc. The reason I'm thinking about waiting is id like to go FHA so I can keep some reserves. What would you do?
@Frank Meyer It's pretty hard to beat free. Plan on staying there but start educating yourself and looking for great deals now. You'll make a much better purchase two years from now if you start now.
Only consider buying if you find something better than free, that is, if you find something that would give you a big chunk of free equity and cash flow.
I would stay at home and build that cash pile. While you are living with modest expenses determine what area you want to buy in and learn everything you can about it. If you are going to hire a PM start to interview them, find out who the maintenance companies in the area are, talk with banks. If you have all this figured out by the time you are ready to move forward it will be a very simple transition......as opposed to learning all this after you buy. Time is on your side so I would use it wisely.
Well I would technically still be living for free if I bought a rental and still lived at home. Thats where I'm struggling, I feel like I should wait to get involved until I actually plan on moving out but then I hear everyone saying starting sooner is better.
@Eddie Werner So you would stay home and eventually buy a multi and owner occupy?
If you have all the numbers figured out and it works I would do it now. From your post it sounded like you were just exploring the idea. If you have done the analysis and it works then go for it!
I wish I'd started sooner.
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