I’m buying my first property very soon. Im doing a rent to own strategy. Should I live in my house the first year with roommates and save a few hundred on rent (like a house hack) or should I get it on the market ASAP and loose a few hundred bucks and pay rent somewhere else just to be as aggressive as possible in my investing career. My goal is to have 3 properties in the next two years.
It was a hard question to word so please let me know if you need clarification!
Thank you for your time.
Here are your mistakes:
1 - Why would you be losing a few hundred bucks if you rent the first house out and rent the house you live in?
2 - Why would you think that being aggressive in your investing career made it OK to lose money starting out?
3 - Why did you set a goal of 3 properties in the next 2 years?
If the answers to all three of these questions are numbers with $$$ in front, and more important...a "+" sign in front of all three if the $$$, then you are not making mistakes. If any one of your answers isn't in the form of + $xxxxx, then all three answers are wrong...which makes the all three questions invalid.
As Joe was saying,
define your goals and why
what does aggressive mean? lose first?
It COSTS MONEY FOR QUALITY
like cars (for cash)
Quality neighborhood, best rents, low crime, low turnover, low landlord tenant turn over.
Start with www.GreatSchools.org
look for 8, 9 ,10 scores
@Joe Villeneuve your absolutely right. All good points. I appreciate the straight forward advice
@Brian Gibbons thank you for that advice. The school locator is a great tool! I saved it and will definitely be using it