Should my wife and I keep renting or look into buying?

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Should my wife and I keep renting or look into buying?

Makan Ahmadi
Specialist · Fairfax, VA · Member since 2019 · 5 posts · 0 votes

Hello Everyone

New here and been juggling the idea of doing some real estate investing. but not sure what directions to go. My wife has student loans and we are currently renting. We did start saving a few months ago but it’s barely anything for a down payment. Just wondering what’s everyone’s take on this. Thank you - Makan

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Tim Herman
Member since 2018 · 2k+ posts · 1k+ votes
7y

@Makan Ahmadi the 7th wonder of the world. House hacking. Buy a small multi 2-4 units with less than 5% down. Move every year for 10 years and have between 20-40 cash flowing doors. If I was starting over this would be what I would do. An investment property needs between 20-25% down. So if it needs 25% down for the same amount of cash you can buy 5 properties not including closing costs. 

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  • Tim Herman
    Member since 2018 · 2k+ posts · 1k+ votes
    7y

    @Makan Ahmadi the 7th wonder of the world. House hacking. Buy a small multi 2-4 units with less than 5% down. Move every year for 10 years and have between 20-40 cash flowing doors. If I was starting over this would be what I would do. An investment property needs between 20-25% down. So if it needs 25% down for the same amount of cash you can buy 5 properties not including closing costs. 

    2Reply
  • Mac F.
    Springfield, VA · Member since 2019 · 74 posts · 77 votes
    7y

    @Makan Ahmadi, the blog post below covers a lot and is worth reading:

    https://www.biggerpockets.com/...

    If you're planning on staying in NoVA, you're probably going to need a significant amount of cash to buy even if you move a county or two out further out.

    If you haven't read it already, I recommend Dave Ramsey's 'Total Money Makeover,' at least through the third baby step. It combines personal finance by taking psychology and behavior into account. 

    1Reply
  • Matthew Reichert
    Manassas, VA · Member since 2019 · 56 posts · 29 votes
    7y
    Originally posted by @Tim Herman:

    @Makan Ahmadi the 7th wonder of the world. House hacking. Buy a small multi 2-4 units with less than 5% down. Move every year for 10 years and have between 20-40 cash flowing doors. If I was starting over this would be what I would do. An investment property needs between 20-25% down. So if it needs 25% down for the same amount of cash you can buy 5 properties not including closing costs. 

    This is hardly possible in NoVA. Multifamilies easily hit the millions where I work in Herndon. 

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  • Makan Ahmadi
    OP
    Specialist · Fairfax, VA · Member since 2019 · 5 posts · 0 votes
    7y
    Originally posted by @Tim Herman:

    @Makan Ahmadi the 7th wonder of the world. House hacking. Buy a small multi 2-4 units with less than 5% down. Move every year for 10 years and have between 20-40 cash flowing doors. If I was starting over this would be what I would do. An investment property needs between 20-25% down. So if it needs 25% down for the same amount of cash you can buy 5 properties not including closing costs. 

    My plan was this but im not to sure how my wife would feel moving around. Plus i can not find a good multi family house in the area.

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  • Makan Ahmadi
    OP
    Specialist · Fairfax, VA · Member since 2019 · 5 posts · 0 votes
    7y
    Originally posted by @Mac F.:

    @Makan Ahmadi, the blog post below covers a lot and is worth reading:

    https://www.biggerpockets.com/...

    If you're planning on staying in NoVA, you're probably going to need a significant amount of cash to buy even if you move a county or two out further out.

    If you haven't read it already, I recommend Dave Ramsey's 'Total Money Makeover,' at least through the third baby step. It combines personal finance by taking psychology and behavior into account. 

    Thanks for the advise I'm new to all this so any info i get ill take to heart!

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  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    7y

    @Makan Ahmadi  Can you find a house with an in-law suite?  It would allow you to get some rental income, use a smaller down payment and get started in real estate.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y

    Yes you should buy. Keep saving up.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
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  • Mac F.
    Springfield, VA · Member since 2019 · 74 posts · 77 votes
    7y
    Originally posted by @Theresa Harris:

    @Makan Ahmadi  Can you find a house with an in-law suite?  It would allow you to get some rental income, use a smaller down payment and get started in real estate.

    You can find SFHs with those for $450-600k retail in Springfield, Burke, and residential parts of Fairfax. The suites tend to rent for $1000-1200 a month. 

    0Reply
  • Makan Ahmadi
    OP
    Specialist · Fairfax, VA · Member since 2019 · 5 posts · 0 votes
    7y

    @Theresa Harris would rather not lol but my family is in Cali. Was thinking of moving out there but it ain’t easier

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  • Makan Ahmadi
    OP
    Specialist · Fairfax, VA · Member since 2019 · 5 posts · 0 votes
    7y

    @Mac F. That’s exactly where I’m looking the down payment is all we need. Got about a year to save up

    0Reply
  • Michael Justice
    Rental Property Investor · Nationwide Remote Wholesaler · Member since 2019 · 49 posts · 10 votes
    7y

    @Makan Ahmadi it usually cost more to rent than own!

    0Reply
  • Michael Justice
    Rental Property Investor · Nationwide Remote Wholesaler · Member since 2019 · 49 posts · 10 votes
    7y

    @Russell Brazil Exactly

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