Investment Property BEFORE Primary Residence?

[Ronnie Goode]

What's up RE peeps?

I'm in the Richmond, VA area and I'm extremely new to RE investing but have been hit by the "bug" like a lot of people. I've been absorbing a ton of information on RE to help with foundational knowledge. This world of RE seems to have so much to offer and I wish I would of started years ago.

I'm pretty much at a crossroads right now though. I currently don't own a primary residence but I am thinking about purchasing an investment property FIRST. 

I would appreciate any perspectives on this strategy/plan from folks that have experience in the RE space. Thanks!

[Joe Young]

Someone else was just recently having the same dilemma. If you are open to the idea of buying a 4 unit building, you can obtain an FHA loan and only put 3.5% down, fill the other 3 units with tenants, live in the fourth unit yourself, and they will cover your mortgage almost if not fully. This will stop you from paying rent monthly and your money will go into equity. Even if those three units don't cover all of the expenses, whatever you put into it you will see again.

What I would encourage you to do is read, read, read.  I have been reading about investing for years, heard the plus sides, heard the horror stories, heard about specific scenarios with landlords and tenants and watched them play out in real time, so I'm gaining understanding of what can happen.  You don't want to invest in real estate, expect everything to go perfectly, and then be blindsided.