Jump in now, or wait till I save up some more money?

[Sydney Wenger]

Hey, I am new here to BP and am looking on buying my first duplex to live in and rent out the other side. I am wanting to know if I should jump in now or wait for the market to cool off a little. My original plan was by the end of the year. 

I have been speaking with banks and recently was offered a great deal. I am a teacher and qualify for a $10,000 grant to be split between closing costs and a down payment. But it is first come, first serve. So I need to jump sooner than I want to. Like in the next month... This deal also partners with the banks program of 0% down and no private mortgage insurance. It is 30 year fixed rate at 3.85%. This sound like a dream, the only catch is that you have to keep the property for 5 years. Which I am fine with, because I am looking into getting into buy and hold anyways. I called up the lender and asked if I have to technically live in the house for 5 years, or if I could buy another property as long as I don't sell the first. He gave me a wink/wink and said that the grant says "as long as I don't sell it" and that there will not be anyone checking up on me to see where I am living. I feel this was good enough to ease my fears, but should it be?

Other than just jumping into owning my first home and first rental property, I have fears about not cash flowing enough to deal with repairs and such. Do, I need to maybe wait awhile and save up more money before I jump in? 

Also, the market is tough right now. Just looking by myself on apps such as zillow I do not see a lot of possibilities. I am looking for something halfway decent if I have to live in it for awhile. I would rather not, but I feel this may be the only way for me to start. 

Basically I am asking advice on whether or not I should try and jump in now, or wait awhile longer to get my ducks in a row. I just can't imagine myself teaching for the next 30 years without losing my sanity... 

Any advice is appreciated, thanks! 

[Ashley Cross]

Buy real estate and wait. Don't wait to buy real estate! A househack is less risk and a great way for an unexperienced investor to get their feet wet. Go for it!