Should I buy a house right now?
I just lost a deal due to a COVID layoff recently, I was two weeks out from closing and had all my tenants lined up (house hack) and it was going to cash flow $400 a month! I’ve been back to work for a few months now and I’m back to square 1.5 in the process. I’m pending on a home right now in a high appreciation neighborhood with a lot of potential to become a really nice flip. My problem is I won’t be cash flowing on the house until I renovate it..
My options are to move in and pay around $500 towards the mortgage every month out of pocket and to pay for basic repairs on top of some renovations or I can move in with my friend to save money wait for things to get more stable and potentially miss out on record low interest rates.