Choice Between TWO Beginner Moves?

Question

I’m 32 yo, having a later start to a career than I would have wished. Around one year into my A.A. Degree in machining technology as well as into a new machining apprenticeship job. Humbly making less money than most machinist apprentices you might meet. The goal is to graduate after another year and start another job somewhere else making atleast $20 per hour. (Until I gain further skills and can rightfully earn more). I live rent free under my moms roof which is a blessing. I had zero credit when I moved In with her over two years ago (now it hangs around a score like 750 since starting a few credit cards 3 years ago)

I have read and obsessed over many rich dad style books and bigger pockets for some time. My low earning potential and no credit stopped me though, so this is the plan I devised with the help of an awesome mom. She was willing to get a fairly expensive loan on an RV for me. (Unfortunately not a house though) and me swearing I could and would make all payments. She will transfer title to me once it’s paid in full. I built a private bungalow style Airbnb area on moms side yard and plumbed in the RV for permanent Airbnb rental greatness. It has worked out seriously well for about two years now. The RV is about 1/2 paid off on a 10 year loan. It has been a lot of work though, especially with school and work full time on top.

I’m sorry for the long post but I don’t mind reading them so hopefully you don’t either.
(HERE ARE MY QUESTIONS/DECISIONS)

#1 I’m anxious to get started owning a real home and building equity. I’m qualified for a state provided $10k grant- first time home buyer program. But I only have $2k in my bank account. And it seems to stay put right there no matter how much I save. (I would like more reserves than this obviously) BUT, I also have $3k in my Airbnb account which I only use to pay off RV with. It’s kind of like my emergency fund money except there’s never an emergency over $100. I can build this account up much faster than my actual savings account. I had $7k in Airbnb account last month but put 4 onto my principle payment.

What would you do in my situation? Would you keep waiting and waiting for everything to be perfect and finally have a descent paying job and time out of school? (Meanwhile not earning any equity in a real property) I feel like the money may be tight but if I can push through and get a house-hack first home while also maintaining my Airbnb RV I will be much more lucrative position.
The sacrifice will be potentially using much of my Airbnb RV income to pump into the new home and extending the length of my RV loan perhaps several years. It’s at 7% interest. Payments are $440.76 per month btw. Am I thinking about this wrong? I’m very excited to start and it eats at me that I haven’t done this sooner. I appreciate any and all input everyone! I will be sure to give back to this community much more when I gain the competence and experience.

Hamp Lee III · Answer

I recommend running your numbers and speaking with lenders about your purchasing potential to have a better gauge on where you are. You can also check out housing programs like NACA that have 0% down loan programs for first-time home buyers.Real estate investing is a long game. You’re doing great…and it’s okay to start small and “slow.” You’re doing more than most even now. I wish you all the best.

Account Closed · Answer

Find a REIA to join. Most are only $20 a month. (Don't pay much more than that) You need to find someone locally doing what you want to do and take them to lunch and become their helper for a while. That will put you on the path to confidence and independence. If you were in Phoenix, you'd take me to my favorite local Mexican Food place and I'd show you how it works. There are others who will do the same, in your neck of the woods. Check out https://nationalreia.org/

Matthew Jones · Answer

Thank you all for the input, it is much appreciated! It feels good put my info. Out there to be weighed in by others interested In what I have become obsessed with. Just food for thought for anyone who reads this. Yes the depreciation factor in RV’s is REAL. It’s been a kick to my shins whenever I think of it but I knew that going into it. ( To help recoup from this downside I plan to convert the depreciating vehicle into an appreciating dwelling by removing the axle/wheels and all things that make it mobile - And to build a foundation for it that is permanent) I believe someday soon I will have a good property in which a converted RV can be a incredible looking guest house in the back. I don’t expect anyone will read this far but to explain why I did this. I had no credit, I had no personal vehicle or drivers liscense, I didn’t have anything except $5,000. Half of that money was a gift and the other half was from covid tax money. Just starting over in life basically at 30 yr. Old. Absolutely felt like I was stuck in the mud but I knew owning property was the goal. Mom couldn’t help me get a loan for a house but she could get a loan on an RV. So far I haven’t put a single dollar of my own money into it. For No cash down the bank financed RV. So my money, the $5000 I had helped purchased the landscaping and patio, the kitchen essentials and everything needed. At this point I could have repaid myself this back but I haven’t. All income from rental goes into paying down principle quickly. I’m not an expert at this stuff but I do feel I made the best of my “back-then” situation. I try to save my money but I’m a full time student and work 36 hours a week. I make $12 per hour at work and maintain a part time job cleaning my air-Bnb. So I don’t feel I can sanely pick up another job. It’s very expensive these days. Thanks again everyone. Especially you Hamp Lee! You the Man! That’s motivation dude.

Jaron Walling · Answer

@Matthew Jones How and why did you buy an RV for Airbnb>? From my prospective the RV is holding you back from buying RE. 98% of things with wheels and motors are deprecating items. This RV "investment" is costing you more $$$ than you think. Even if it generates a return it's going down in value every day. If the RV was paid for that's a different situation, but it's leveraged. No offense, but where is your money going? You said you live with parents but only have $2k in a savings account? That makes no sense. You need a 6 months emergency fund. This sounds like fun money.