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Updated almost 10 years ago on . Most recent reply
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Newbie Crossroads, rent again, first buy or start flipping?
Hi guys, I'm starting my real estate investing business, haven't done any deals yet, I'm still looking for a good break and studying a lot.
My dilema is my personal situation. I live in an apartment complex, my lease is expiring in 5 months, I want to move but I'm not sure what to do. Should I rent again for the moment? Should I buy a small house to live using my credit? (I'll be a first time buyer) Maybe get a rehab and keep it? Is it smart to use a private lenders money for my own home? Should I get an agent?
I know I threw out there too many questions, but I'm lost and a little desperate.
If it helps, I've been in my current job 3 1/2 years (and hate it), earn about 43k per year, I pay $900 monthly rent now and don't think I can afford to pay more than that without other source of income, also loan would be only myself and my credit is in the 690's.
My priority now is quitting my 9-5 job, but this end of lease is making me question what is the right next step for me.
Any advise, comments and guidance is greatly appreciated!!
Most Popular Reply
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@Diana Luna why don't you house hack. Find a duplex or triplex or quad and live in one and rent out the other units that way you live for free, potentially have an additional source of income, get experience as a landlord, and you can say your $900 a month for something else, like a down payment for another home