Does it always make sense to buy a REI (versus rent)?
Scenario: Fresh out of college (May) and relocating with Boyfriend to start my new job in July. Unfortunately, the addition of Boyfriend's pitt bull means a boost to the already-quite-high rents in the area (Kennett Square, PA). After learning about REI for years, I'm having a hard time stomaching paying rents to increase someone else's equity.
I have decent credit (730), a frugal lifestyle,13K in student loans as my sole liability, and a well-paying job. I'm considering finding a 6-month or month-to-month lease until I learn the area, save a bit more, and find a multifamily (2-4 unit) property to house hack. I'd be looking to buy this property individually and have several family members + Boyfriend who are well-versed in the trades/renovations. (I, of course, would be putting in a majority of the grunt work.) However, I'm hoping for a "medium-to-light" fixer upper-- not a full gut job.
Kennett Square is 1 hr from family so it's a region I'll always return to and I don't plan on selling the property if I move out.
Problem: While plotting this, friends, family, and Google seem to argue its a bad idea (right now) because...
(1) It doesn't make sense to invest somewhere you won't live in for a long time.
(2) It's a bad idea to take on so much debt while you're young.
(3) You should have a considerable nest egg of emergency funds before buying a house.
Now I'm uncertain. I thought I'd bring my scenario to the pros at BP for a second opinion. What do you think? Does it always make sense to buy a property? Or is renting the way to go while in your 20s?