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Updated almost 3 years ago,
Starting out, Any insight on my situation?
Hello BP
I am a longtime listener and future investor. I would like to be a current one however i am unsure if i should wait or if i should invest now,
Here is my situation
I currently have a brand new duplex under contract brand new build which has been delayed to the end of the year for build completion and i planned on doing a traditional house hack. This Duplex has already appreciated by about $125k which looks to be a home run.
I have been Pre Approved for this since last year so i have no issues financing and all is well.
Here is where I am currently however, I have the buying power of about 800,000 and I currently am renting an apartment now.
In this Seller's market, a simple 3 by 2 would be 300k inside of the San Antonio Area.
I am thinking of buying a single family home and then once the duplex is ready I will live inside of the house hack. Thus creating a rental property once I move out.
I know the Single Family would not meet any rules for cash flow until it becomes a traditional rental. However i also consider my 2.000$ Monthly payment to be an opportunity cost that would be taken away from my monthly expenses.
I currently am in a great profitable situation with my current trucking business so this property would be a buy and hold. Would this make sense in the long term? Would i be biting off more than i can chew?
Thanks for any insight,