Buying first investment property
I have 50k to use for an investment property. I am hoping to buy a place cash outright. We are relocating to Harriaburg, PA area for my husbands job and would like to be debt free.
We want to buy a single family house that we can live in for 2-4 years and then either sell or rent. (We only plan on living in the area for a few years).
I know we are going to be getting a property that is going to need some rehab at the price, and we don't mind light rehab.
This money is coming from the profit we make off the sell of our current home and we are just trying to use it to give us a leg up.
I have had some people tell me not to waste my time and just rent, but I feel like that is literally pouring money down the drain.
Anyone have any advice?