Overseas Professional Baseball Player 1st Rental Purchase Advice!

[Shane Priest]

Hey all. My name is Shane Priest. I'm 25 yrs old currently playing baseball overseas in Europe and Australia while working in Finance. 

To get straight to the point I have a passion for rental property investing as I've watched my father do it his whole life. I have read several rental property books and listened to many podcasts to educate myself and am eager to get started. The problem is my current career path. Playing baseball overseas involves minimal pay and constant relocation every 6 months. At this exact moment I can not qualify for a loan due to the fact that I haven't had the same job for longer than a year so I don't show a steady income stream. 

However, a family member is selling one of their rental properties, and me and my brother are looking to go in 50/50 to place a 20% down payment. This family member offered to do owner financing for us so that we don't have to qualify for a loan. They will also only charge us an interest rate between 2.75-3%. Me and my brother (while I'm not overseas) will also be House Hacking this property to save the cost of renting somewhere else and lowering the monthly mortgage by renting out the master bedroom.

The problem however, is this family member is hopeful to sell this property for high value as appreciation has skyrocketed due to low inventory and people are flooding to move to this area. 

My question is: Do I bite the bullet and pay what I think is a high asking price in order to get my feet wet in rental property investing? Or am I still young enough to keep saving money, and purchase my first rental property when I retire from international baseball in 1-2yrs and get a full time job?

I hope this is enough information. Thank you all in advance for your input!! 

I do have specific cash on cash return numbers and plenty more data if needed. 

[Joseph Firmin]

Hi @Shane Priest, run the numbers, if the owner financing works with the rental strategy you've laid out (by the room) then go for it. If the numbers don't work conservatively, then don't get caught in the emotion of a family purchase and the desire to get started and jump into a bad deal that you'll regret. You want to also have multiple exit strategies, so if the rent by the room doesn't work, what could you do? Sell it? Long term rental? Make sure your downside is protected.