I am looking to get some feedback and opinions. We currently live in an apartment and have one child who is 9. We live in the bay area and homes are very expensive. There is no way i am willing to buy a home that is 800K+ and live day to day. We both have well paying jobs that allow us to save and travel. We have almost no debt ( less than 3k). I am now questioning weather we should keep saving for a home or invest in a rental property.
My dad has asked me in the past to invest with him but we were saving for a down payment. Now i might take him up on his offer.
What are the cons/pros or investing instead of buying a home. What areas should I look at. Where can i search for more info on this.
Any help or advice is greatly appreciative.
@Fred Garcia - welcome to BP! Since you are use to living in an apartment, why don't you look at doing a househack. Try to find a 2-4 unit to buy. This can be a great way to keep housing costs low and get into a property that you can turn into a full rental down the road.
There are lots of articles, videos and webinars on BP about House Hacking.
Hi Fred- welcome! There are thousands of ways to invest and thousands of ways to be successful- or fail. Without knowing your goals, financial situation or strategy, it's really impossible to offer you advice. What do you want to get out of investing, specifically? What type of investing does your father do and how would you be involved?
Some people think that purchasing your own property to live in is a detriment to investing. I don't believe that to be the case. In fact, my home and the equity I have is the main reason I have been able to invest. Everyone is in a different situation, therefore, everyone has a different strategy and risk threshold- what are yours?
@Fred Garcia one way I did it was buying cashflow properties that had better rent to value ratios in secondary markets. And delayed buying the primary residence as much as possible.
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