I’m a first time buyer looking for a little guidance. My best friend and I are planning on buying a multi family together to use as a rental property. We are each, separately looking to buy our own homes. My income is steady, but only about $40k/year, as is hers. We both have excellent credit. Would it be more financially feasible to purchase the rental property first, or my personal home? I’m hoping to buy one this summer, and the other as soon as possible afterwards. Thanks in advance for your help.
I would speak with a lender about your financial situation. If you are able to qualify for a loan on your own, I would buy your primary residence first. You'll save money in rent, the down payment is much lower for a primary over a rental, and if your home appreciates, you can use some equity for a rental in the future. I would also consider purchasing a multifamily (triplex or quad) with your friend, each live in one, and rent out the others. Win, win!