Pre approved to buy 1st property

[Account Closed]

I just got pre approved to buy my first property and I’m looking in the Sacramento/Stockton CA area and I plan on house-hacking and renting out each room. Should I buy now or should I wait a year when things start to settle?

[Wesley Owen]

Hey @Account Closed - Congratulations on getting approved to buy your first property - that's awesome!  House hacking is an awesome plan, that is what I did for my first as well. I purchased a duplex and lived in one side and the otherside paid my mortgage.  You are no doubt going to hear varying opinions on the subject on if you should buy now or wait.  My best answer to you is to evaluate your personal financial situation, make sure you're not spending all of your pennies to purchase the property; ultimately just buy wisely. (Then again, this is the same thing I would say if covid weren't a thing). Make sure the deal works. If you can afford the mortgage indefinitely even if the rooms were not rented and/or you can live mortgage free or close to it by renting all the rooms, then it's probably not a bad deal and you should go for it!  Just my two cents. Good luck!