All Forum Posts by: Zackary Hirt
Zackary Hirt has started 1 posts and replied 4 times.
Post: Starting out with a primary residence or investment property?
- Posts 4
- Votes 2
@Nate Sanow ah I see. That’s really the answer to my question I was looking for. Basically just curious as to whether there are any negative affects to buying a rental without having first owned a primary. I will probably go about finding a suitable house/duplex to house hack and buy it as my primary residence to get started. Thanks to everyone who answered!
Post: Starting out with a primary residence or investment property?
- Posts 4
- Votes 2
Quote from @Brad Jacobson:
Why not do both?
Heck, if you're 21 and have the means to buy, combine the "house-hacking" strategy with the "nomad" strategy.
That means you should buy a simple house or small multiunit (2-4plex) that will make sense as a primary residence. House hack it (live in part and rent out the extra space) for the first year and then turn the entire property into a rental.
In year two, buy another similar property and do the exact same thing!
That way, you're only putting down 3-5% on each purchase instead of 20-25%. Commit to both these straggles for four years and you'll have 4-16 units in four years and will be set for life if you sit on those properties and get them paid off.
Good luck!!
I think this would be very doable for me. The one major roadblock for me is that there are very few small multi-family properties in the area and to go 1+ hours to find some would take me pretty far from my job.
Post: Starting out with a primary residence or investment property?
- Posts 4
- Votes 2
@Tiamo Wright I live in a rural area where the vast majority of people own their homes so there's not really a good way to know if I would be able to find roommates if I went that route. I would prefer a duplex or triplex over a SFH but they are very rare and hard to find in the surrounding towns. Rest assured I'm definitely not going to buy a house for the sole purpose of my primary residence.
Post: Starting out with a primary residence or investment property?
- Posts 4
- Votes 2
Hi,
I live in Central Indiana near Kokomo. I'm trying to get to the point of buying a rental property. I am only 21 and currently do not own any property...not even a primary residence as I still live at home with my parents. Is it a bad idea to buy an investment property without first owning a primary residence?