Buying a Rental home as your first ever home purchase
I'm new to the real estate world and have been introduced on how to sell contracts to make a penny without having to actually own the houses or buy the properties but what I'm very interested in is having a multi family rented out. I'm going on 25 next month and feel I'm quite a bit behind with savings and investing but I'm ready to turn myself around
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@Joshua DaVanon Congrats on the decision to make some changes! You won't regret getting into real estate.
I just turned 29 and I have never owned a primary residence. I do have a portfolio of 32 rentals which I have accumulated over the course of ~4 years. Had I owned a primary residence I would not have been able to grow the way I have. I moved into a very affordable duplex to decrease my expenses and save some money. It happened very quickly. When I went to the bank to get my first loan (5 unit multifamily) I had no existing debt to hurt my debt to income ratio which made the lending process simple. Having decreased my overall expenses (by moving into a cheap rental) my w2 income was more than enough to support the purchase even without the rental income. If your goal is to get into multifamily - go for it! Don't let the pressure of purchasing a primary residence get in the way.