Updated almost 6 years ago on . Most recent reply
First home or invest
Im currently renting in St. louis Mo. But plan on buying my first home next year. I want to use my fha to buy a duplex and do the house hacking strategy. Im looking in markets in Georgia and in Dallas area. Because I plan on moving out of St. Louis by February 2021. I have excellent credit and money in the bank. Any advice?
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@Rodney Love A lot of people say they will invest "next year" but how many actually do it?? If you're money is sitting in a savings account doing nothing you're losing the battle. I'm saying this because that's what I did for the better part of my 20's. I wasted time and never invested in anything. Your money should be making money CONSTANTLY. It doesn't matter how you do it. Open a Roth IRA and start contributing to it. Invest in a mutual fund. Store come cash in a CD. Buy some growth or value stocks.
Only after you move to a new city would I consider purchasing a property. It's so important to understand the numbers, rental rates, and market direction. That is how you'll find a good DEAL and not just an average priced duplex that barely cash-flows.