What's the First Step

[Nathaniel Hirschler]

Buy a home, right? Yes, but no.

Right now I am living with my parents and working a full-time job for $14. I am investing every penny and putting it in stocks and crypto. They have been gracious enough to not charge me rent while I save.

I want to get into real estate, but even a simple 3/2 home is $220k+ (at the bare minimum) in the area that I am living.

The rental rates would most likely be $1400 monthly for that home. So it doesn't meet the 1% rule, and expenses would outweigh any rental income from the home.

Given this, what is a sensible first step? If I move somewhere else for a slightly better paying job, all of my income would go towards rent. If I stay in the area, my job options are limited and low pay. It's a tourist economy with seasonal income. I am lucky to have found a full-time position.

[Marco Martinetti]

Good on ya for looking at this so early in life. I look back 20 years ago and wish I would have been thinking the same way. House hacking may be a good way for to get into REI. I had a lot of friends at that time that were more than happy to rent a room in a house at an affordable rate. You could live with a couple buddies and have them pay your mortgage. Look into first time home buyer options. Or possibly a duplex/triplex situation where you live in one and rent the others. You are on the right path, be patient and be thankful you have family around to help you out. Do as much around your parents house to show appreciation for letting you live rent free.