Moving Out -- Rent, House Hack, or Buy?
Hello everyone. I am currently living at home as I am finishing my last semester in law school. Later this year, I will be moving out after I start working and would like to live close to my job in Philly but am also considering the suburbs in South Jersey along the PATCO line. I will be targeting SFRs and small multifamily properties in those areas as well when I start investing.
I am curious as to what everyone's opinion is on this topic. What you would do when moving out and looking for you own place?
1) Would you rent and save your income for your first real estate investment? I have heard differing opinions on whether your first property should be an investment or simply your residence.
2) Would you house hack? While I love the potential of house hacking, it may not be an option for me at this time.
3) Assuming that house hacking is not a viable option, would you purchase a cash flowing property or a property with potential to cash flow after rehabbing it, live in it for a period of time, then eventually move out and rent it to a tenant?
I know this question is highly dependent on the individual and personal circumstances and preferences, but I would love to hear what route everyone would choose in this scenario.