Updated about 8 years ago on . Most recent reply
Trying to get started. What would you do?
So my Husband and I have been talking about getting started as investors, but we are not sure exactly how we should go about doing this.
Currently, we are living with my parents in Fort Lauderdale, FL. We planned to just live here (maybe another 1-2 years) and save up as much money as we can.
Do you think it is a good idea to get our first property (multifamily) and continue to save money while living at my parent's? Then we could continue to save until we get enough for the down payment for our second property.
This would allow us to possibly cash flow more and save faster. Also we could manage the property w/o having to actually live next to the tenants.
Any advice?
Most Popular Reply
Buying a multi-family and living in one of the units (house hacking), has a few benefits. If you do it right you can live for free, lowering your expenses and allowing you to save up for the next property. Also buying one and living in it makes it your primary residence allowing you to potentially get a lower interest rate and a lower down payment.