Buying First Home - Forecasting

[Connor Wege]

My wife and I are currently renting a townhouse and our plan is buy our first home in about two years, once we have more money saved (about $20,000 saved right now). We felt that renting was the smartest decision right now considering the inflated housing market, rising interest rates, and not enough money saved for a significant down payment. We want to become homeowners and buy rental properties soon after finding a home to live in. I know that house hacking is a common strategy for buying your first property, but what other strategies would you recommend based on the financial position we are in? Would you wait until the market corrects itself to buy your first property? Do you think we have enough capital to look to buy a rental property now with little to no money down? Is the impending recession going to create more opportunities for better deals in the near future? What kind of financing would you recommend starting out? Any advice you can provide would be appreciated!