Updated about 4 years ago on . Most recent reply
First time home buyer: buy for myself or hold off?
Hey community,
As the title states, I am a first-time home buyer in Atlanta. My goal is to generate another revenue stream aside from my full-time job, so in the future I'd rent out the property instead of living there myself.
My question is this: since my apartment lease ends on November 30th so I will also need a place to stay, which of the following options would be the best first move in order to generate income/build wealth?
I've been pre-approved for a $300K loan and am seeing that few properties generate incremental cash flow if I also live there during the first year:
- Purchase 2+ BR home and rent out while I also live on-property; move out after a year
- Purchase a home for myself (i.e. a condo - I know I know, condos have terrible ROI but I personally like the look/feel)
- Keep renting / delay home purchase
As this is Week 2 of my real estate venture, any feedback/insight would be incredibly appreciated -
I feel like I'm also getting cold feet because while I have funds for down payment, I don't have 10% of the home price immediately saved in cash.
Thank you for reading!