Burlington City, NJ · Member since 2018 · 6 posts · 0 votes
So, here are my thoughts...
Scenario 1 - By middle of next year, I will have enough money for a down payment (3.5%) on a property if I go FHA. I would live in the house for a year, then rent it out and look to buy another.
Scenario 2 - I wait until middle of 2020 to buy a property as a rental because I would have 20% to put down.
In both scenarios I have family that is very willing to move into my property.
My credit is still in the rebuilding phase though.
I'd go with Scenario 1. The sooner you can get started in building equity the better. If you wait until 2020, all the rent you are paying is not doing anything for you. Plus the sooner you just buy "something" you learn a ton in that process and will help to motivate you to continue to learn. You may even be able to house hack or AirBnB a room out if you can buy a 2 bedroom. (You can also AirBnB your couch for cheap lol) Just some things to consider. Good luck either way!