Buying income/investment property before my first home
Over the past few months I have been trying to figure out ways to make some extra cash. Since I am not interested in starting a business or the stock market, I have decided to focus on real estate. My question is as follows:
Should I purchase a income/investment property before I purchase my own home? My plan is to purchase a income.investment property in a college community (walking distance from campus) and rent the property to students (actually their parents). I then plan to save the cash flow and combine it with my savings to then purchase a home for myself and down the road purchase more income/investment property. Is this a good idea?
I am meeting with a mortgage broker on Thursday to begin the pre-approval process for a loan for the investment property but just though conversation and setting up my appointment I feel that the leander is actually trying to get me to purchase my own home first.
Info about myself:
9 months married
living in rental property
not sure where i want to purchase the home I want to live in
no kids
my wife and I have full time jobs
my wife is not interested in living in a multi family home
we owe over 100k in student loans...lol