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Updated over 9 years ago,

User Stats

174
Posts
69
Votes
Cameron Price
  • Real Estate Broker
  • Hartsville, SC
69
Votes |
174
Posts

Should I buy a primary home at all?

Cameron Price
  • Real Estate Broker
  • Hartsville, SC
Posted

My current situation:

Stay at a friends property in an Accessory Dwelling Unit.

Rent free.

No primary residence 

Single

Low personal monthly bills.

My question is, from strictly a financial perspective, would it make more sense to stay where I am or look for a primary residence as part of maybe a fix and flip?

Obviously I increase my living expenses if I buy a home. But what are the downsides to not having a primary residence? Does it look bad when tryig to get financing?

I've been considering finding a 3 or 4plex and using the strategy of living in one, but I like my privacy. Plus I own a landscaping business. I don't think parking my equipment next to my tennants sounds real smart. Lol.

What I would like to do is build a tiny home on a small piece of land somewhere close and stay there, but thst has no potential to make money like living in a slow flip. Or using the 2 year occupancy rule to make tax free capital gains.

So to wrap up my questons, what is the most profitably living situation? 

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