Buy a personal residence or invest first?

[Account Closed]

Hi everyone. Right now my wife and I rent our personal residence and we're wondering if we should buy a personal residence or a rental first? We're thinking the smartest choice for us is to buy a personal residence first because buying something comparable to what we rent now would cut our housing expenses by close to 50%. There's probably a lot that we haven't considered though, so I'd love to hear your perspective. We're also considering house hacking, but probably not going to go that route due to personal preference.

[Jordas Reyes]

I bought my first house about two years ago for me, my wife and at the time new born. I went with a house that met our minimum needs but that would do well as a rental once I was ready to move onto next property. Was nice to take advantage of fha loan and after running numbers with that low of down payment and all operating expense I am still able to bring in cash flow of $100. You will get different opinions I'm sure but I would not buy my dream house or anything close to it yet. Best of luck!