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Updated over 7 years ago, 04/08/2017
Getting Ready to Take the First Step... Need Advice
Ok, so I am graduating this May and begin working 5 days after I walk. I will be working in Greenville, SC where I want to begin my investing career as well. With that being said I have little time to find an apartment to rent/house to buy. However, property taxes in Greenville are way too high so I will be buying properties in the surrounding areas. I can't decide whether I should just go ahead and find an apartment to rent out in Greenville and then begin purchasing investment properties. Or if I should buy my first investment property outside of Greenville and then live in it while doing minor work to it to make it rentable. Once I finish rehabbing it and save enough money for another down payment move out and rent the unit, rinse and repeat.
Obviously each situation has its own pros and cons. Such as living closer to work in the apartment but my monthly rent goes to "nothing" versus if I had a mortgage it would be building equity. Also, if if I go ahead and buy my first property I would lock in a better rate because it would be O/O.
If anyone out there has been in a similar situation that would like to share their experience that would be great. Or if you haven't but have some advice I'm all ears.