Buy my first home to live in, or STR property first

Buy my first home to live in, or STR property first

Member since 2020 · 4 posts · 1 vote

I live in LA and have super cheap rent. $400/month. I'm getting married in 2 years and when I move in with my future husband, whether it's a home we buy or an apartment we rent, my cost of living will increase significantly. He lives at home so I can't move in with him, and I live too far from his work.

I'm trying to decide if I should take a leap and buy a mountain/lake property for under $400k first to try and start earning extra money while I can take the risk with my cost of living so low. Is this a good strategy? I'm worried once I buy my own house I wont be able to save aggressively for future investment properties and I wouldn't be able to take the risk since I'll have my own mortgage to worry about.

In 2 years I would have about $60,000 cash to buy, renovate, and furnish a place in the mountains. I've done the AirDNA data analysis and according to their numbers I could make around $2k/month in profit.

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  • Investor · Montgomery County, PA · Member since 2020 · 255 posts · 238 votes
    4y

    @Brianna Gardner run a cost analysis on every possibility here. If you wait to buy an STR in the mountains in two years, how much money in rent will you be spending that is not building equity. Even if the rent you make from the STR covers it, that is money you will never get back. Anyway you can merge both plans and rent out a singular room in your future primary residence?

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