Buying a home before investing
Hello Everyone,
I am recently married and my wife and I currently rent a guest home from our family for 1,000 dollars a month all inclusive. We don't pay for the utilities, cable, internet, or alarm system. It's a pretty good deal for an upper middle class area in Sacramento. Our goal when we moved in was to stay here for 2 years to save for a down payment and become homeowners.
We are looking ahead and wanting to pursue investments in rental properties throughout various other states. We are in the beginning stages of educating ourselves and taking in as much information as possible.
My question for you all is in what order should we pursue a rental property investment? Should we become homeowners ourselves first and then begin to invest? Can you invest in a rental property while being a renter yourself?
Thanks for your help!
Most Popular Reply
Hi @Trenton Carey My wife and I had a similar situation and we chose to invest first and stay in the rental. It made the most sense financially. A single family rental or a duplex rental are two options that can be a great choice for a first time investor. I'd recommend starting with a single family home or a small multifamily (no more than a fourplex).