Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
Should I buy a primary home at all?
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?