Help for first time buyer

3 Replies

I am looking to buy my first property. I am looking for something that I can eventually turn in to a rental but want to live in it a few years first. I am pre approved for enough to buy a condo or townhome in the neighborhoods I want to live in. I am in a a financial situation right now where I don't have to pay any rent and can devote all of my income towards this property. is it better to spend more and get a newer turn key or should I look for something that needs some work. Remember I will need to live in this a few years before I will be renting it out.

Living in a house for a few years is expensive.

Continue to live in your rent-free living situation while stockpiling both money and knowledge until you can afford a duplex.  In the meantime, read, listen and learn as much as possible about real estate, financing, banking, insurance, business strategy, personal development, etc. etc.  I hope that helps.  Go crush it.

- JM

@JM Payne ,

Thank you for the advice, My rent free situation isn't going to last for that long. It is also adding a significant time to my commute. I will milk it as long as I can but I think it will be sooner then later that it goes away.

The name of the game is to get somebody else to pay for your real estate. 

If you ultimately do decide to buy SFR, I would shop with an eye towards roomates or AirBNB. The less money you spend, the more money you have to invest. 

In the meantime, I'd be milking that free living while reading as much as possible about investment and finance, I'd be networking with local investors and getting coached via BP and mentors on developing a business plan and investment strategy, and I'd be saving every dollar possible for my eventual first purchase.

I hope that helps!

- JM