Temecula CA · Member since 2018 · 1 post · 0 votes
Hi Everyone!
I'm completely new to real estate investing and my husband and I are looking to buy our first BRRRR property. We are currently renting a house and my husband thinks it's a good idea to move into the BRRRR property after the rehab instead of renting it out right away. After refinancing the property we would then start working on our second BRRRR if all goes well.
We are currently looking to buy in the same area we live so the rent we are paying now would be the same as what we could charge for rent for our property. I'm not sure if I'm looking over something but I can't see any reason why we shouldn't live in our first BRRRR.
It really depends on the house. In most places in the USA, you still come out ahead if you buy rather than rent. But if you live in an area where you can make buying work, why not really set the foundation for your financial independence in the years ahead? Buy a duplex, a triplex, a fourplex, live in one of the units, rent out the other(s).
33% of the typical American household's expenses are tied up paying for their housing. It is the largest line item in that typical household budget. If you can live in a duplex and use your tenant's rent to reduce your own housing expenses to zero, perhaps even to make a profit on your own housing, that's freeing up a lot of money to spend or invest elsewhere.