First Home or First REI

[Ryan Broderick]

Hello all,
I am a young professional living (paying rent$$$) in Manhattan and am looking to get into real estate as a part time investment and see where it takes me from there. I'm tired of throwing 2g a month into rent for a small apt and want to build some equity through REI.

I am currently looking to purchase my first home sometime soon (within a year in Westchester NY or SW CT) and am struggling with the idea of how to do it. My goal is eventually to buy and rent - however it will be hard to get approved for an investment property soon after I get a mortgage for the home I will be living in.

I was thinking something along the lines of buying a livable rehab, and living in it for one to two years while fixing it up before renting out/selling. Once I was able to successfully finish and rent out the first property I could then start looking for another place to buy....That seems to be where I am leaning as of now, is this a solid plan??

I am curious to hear how people have balanced purchasing homes for themselves along with investment properties.

Thanks!

Ryan