Advice For A New Investor With 30K

[Stuart Johnson]

Hey all, living in Charlotte, NC and have been listening to BP for a few years now and am eager to make a leap. The market has been red hot since I have moved here with little chance of things slowing down any time soon. Being a landscape architect, I feel I have a very good sense of where to buy and avoid throughout the city based on land development projects, walkability, and where the city is wanting to invest in. I have saved a little over 30K as of now and want to make the first investment count (or at least have the best chance of the greatest asset). I have been renting so far because I have a super low monthly payment giving me the opportunity to store capital over the years. This has been a blessing because I have been educating myself more and more while watching rates push lower. There are just so many options from house hacking a SF, FHA-203K Loan, hard money lending with a forclosed home, etc. I am not sure which route would be best for a first time home buyer wanting to make a secure investment and treat it as an asset, rather than just a large liability. I am thinking I should buy a home that needs a little elbow grease, house hack via 1-2 roommates and save capital and possibly renovate the home some with a strict budget (update appliances, bathrooms, new paint, etc). Based off of many homes for sale and rental prices, this seems to be a very easy option. There's also the election right around the corner which could turn the tides of a market that has seen little correction in over 10 years... What would you do?