Investment properties are great, but let's get PERSONAL.
According to the classic Rich Dad Poor Dad, Robert Kiyosaki says your home is not an asset. This makes sense considering your home is not making you money but demanding repayment from the get-go. Appreciation is no guarantee and the tax write-offs are not great compared to investment properties.
However, a primary home is an essential part of life (no offense to my van-dwelling vagabond friends). But why not plan and approach this very large purchase from an investment-minded approach?
As our family grows, we are about a year or two away from out-growing our current house, inciting us to start planning for the next homestead. I would love to hear how some investors approach purchasing their primary homes? Do you utilize the low down payment options? Do you put 20% down to keep your monthly payments lower? Is renting a better strategy for you?
**We do not want to house-hack unless it's a detached mother-in-law suite type of situation, so chances are that will not be the strategy that is best for us.
Forrest Faulconer