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Updated about 6 years ago,
Where would you live before starting RE Investing?
Hello BP, here’s my personal situation:
Fresh out of the military
Living with significant other
A good chunk of debt
No savings
I’m reading Set For Life, and I’ve read Dave Ramsey’s Total Money Makeover. With that said I’m leaning towards the initial slow start of paying off bad debts, and only getting into RE once I’ve saved capital and only have some low interest debts remaining.
My main concern for the immediate future is where to live.
I’ve found probably the cheapest apartment rent for 700 here in San Antonio that’s in a decent location and isn’t run down.
However, that might need to change because it’s across the entire city from where I’ll be working here in a few months.
So I’m left with a few options:
-Stay and eat the cost of commuting
-Move in a more expensive apartment or home to rent
-or use my VA Loan to buy a property to live in with 0% down.
I’m kind of against the last one because I don’t have any sort of capital to cover unforeseen expenses like repairs.
If I try to get a duplex and house hack, I run in the same problem with paying for unforeseen expenses with a tenant
I’ve thought about new construction as well, but I don’t see the benefit in that, as it will cost me nearly double what I’m paying now, and slow my progress on paying down debt.
Obviously at the end of the day this is my decision, but I’m curious as to what you might do?
Looking forward to your insight. Thanks!