Big Decision to Make
My wife and I are just starting out as Real Estate Investors and are looking for our first deal. Trying to get creative with our financing we ended up selling our house. However thinking that we should get settled first we have a new home under contract to purchase. It hasn't been built yet. Since we haven't paid the full deposit on it now we are considering walking out of the deal and using the profit of our townhome sale to buy some rental properties out of state. We are concerned that, since we are both w2 employees not buying a property will kill us on taxes and that the rental properties won't be enough to offset that. Should we buy our home so that we don't have to worry about it or rent ourselves so that we can use the money to buy 1 or 2 rental properties probably in Texas or Memphis. What do you guys think? Thank you very much.