I am a new investor in the DFW area and I am in the process of locating my first deal. While speaking with a lender, she brought up that I should invest in my homestead before buying my first rental property so I can take advantage of interest rates while they are low. I was initially planning on buying an investment condo with 20% down on a conventional loan, then buying my homestead in a few months with a 3.5% FHA loan while renting out the other rooms to friends.
What advice do y'all have when it comes to which deal I do as my first investment? Does it really matter? If so, why?
Any information is very appreciated and I look forward to learning with and from y'all in the future!
I would go with the FHA first because you plan to house hack it anyway because you are taking what is currently presumably your housing expense and reducing or eliminating it. Also the condo is likely to be cheaper thus lessening the impact of any potential interest rate hike.