Updated over 6 years ago on . Most recent reply
What would you do for your first purchase?
Goals: My short term goal is to buy a 2-4 bedroom house/ townhouse, rent out as many rooms as I can while living in it. Eventually I hope to save up enough money, that I can rent out house #1 and purchase house #2, rinse and repeat until I have a good sized portfolio.
Market: I'm located in Flagstaff, AZ. First time homes/ townhomes are ~225 and up and there are not a ton of decent places I can afford. There are a few that pop up occasionally, but they go quickly. Single rooms rent for ~600-800/ month, a 3 bedroom house/ townhome can go for ~1800-2500.
Question:
Which scenario will most likely work better for me in the long run? Purchasing a 4 bed at my max approval and rent out 3 rooms, or purchasing a 2 bed below my approval amount, rent out 1 room, but have a jump start on my next down payment.
Please share any other suggestions/ advice/ stories on house hacking you have :)