Help me correct the course of this ship

[John Yeglinski]

I rushed in and bought my first home earlier this year before I had the chance to really get into the wealth of information on BiggerPockets. I fear I did what they say all Millenials do and, purchase too much of a first house, brand new, 3br 3ba for just two people. 

Now I'm having FOMO about all the ways I could have gone about buying my first home, ie house hacking or buying a fixer-upper. I'm wondering how long I should hang on to my current brand-new, conventionally-mortgaged SFH before getting creative by selling it and/or purchasing a multifamily or fixer-upper.

I live in Austin, Texas and hopefully, appreciation will be at least decent based on all the tech companies moving here, also potentially relevant based on tax concerns. 

I realize that I could just hold on the property, do nothing, and ignore the FOMO in my mind, but it is really difficult. 

In order to cover some of the monthly costs, I have also started to rent out one of the bedrooms on Airbnb but it kinda sucks to have strangers in your house all the time especially during COVID. 

Hoping to crowdsource my decision-making process so any advice will be helpful! 

[Jay A.]

@John Yeglinski

I purchased my first house in my early 20s in early 2007. Recession happened and everything hit the fan after that. Lost my job and couldn’t afford the mortgage anymore. Even living on chicken and rice. Literally, for almost a year. If I tried to sell I would have taken a bath.

I house hacked for a while but can’t stand roommates so I ended up renting my house out at a loss and rented a cheaper apartment that more than made up the mortgage deficit. Fast forward to today and that house is a cash flowing property with a boatload of equity that someone else paid into. The knowledge I gained from this experience was priceless.

I have averaged 1 house purchase every 2 years since. It is never as bad as it seems and patience and creative problem solving will help you through most situations. I wouldn’t sweat it too much. Save cash to create a cushion for yourself and be willing to get creative.