Primary residence or rental property

[Clementene Taylor]

Hello everyone I would like to get your take on this situation. I sold my primary residence a year ago to down size and I'm currently renting until I decide where I would like to live next. Now that I'm looking to invest in real estate I have a dilemma. Would it be wise to purchase my first rental property before purchasing a primary residence? Are there any draw backs to doing so? I have around 70K to work with and I would like to purchase my first rental between now and September. I would like to purchase a primary residence between April and June of next year. Also I have decided that my next primary residence will be a nice duplex that I will rent one side and live in the other for approximately 3 years.

[William Mccurdy]

I once heard something that will always stick with me. Smart people rent. If something breaks, you'r not responsible. You may save 100-200 a month by living in your own property as apposed to renting but is it worth it. You have to consider your own wear and tear on the property. Any accidents can't be taken out of the renters deposit. Also it helps your DTI to rent instead of live in your own home. My plan for the next 20 ish years of my life is to house hack each year though. There's ups and downs for each side of the argument.