In a unique rent to buy situation.
Hello everyone, Ashley McGrath here I'm brand new to the community and I'm excited about the opportunity. My husband and I are currently living in the home we are going to buy in September. We got a pretty amazing deal as we essentially live rent free. After taxes, water/sewer, and homeowners insurance (which we pay) we are able to put roughly $600 a month into our own bank account which will be used as our down payment. We have $7,000 now and will have around $14,000+ come this September. We have agreed upon a $200,000 asking price for the home which was appraised at $211,000. My question is, we want to get into the world of rental investing within the next 2-5 years. How should we maximize the purchase of this first property to pave the way for our future investments? Sorry if this is too broad or vague.