Wich is the best option for first time home buyer?

[Larry Elbert]

Me and my wife are 26 looking to move to a new home. Instead of moving to a single family, as first time home buyers I was thinking more multi-family unit up to four. I am wanting to be a landlord so I figured this is the best way to get a head start. We are debt free with $16,000 and currently do not live in a home now, but are willing to do a live-in rental property. We are currently still saving till mid-March early April and I'm torn between the two. Which is the best option for first time home buyers married with a 1 year old.

[Will Barnard]

Only you can answer what is best for you and your family but many investors start out buying a multi and living in one of the units. You can more easily manage the property (you are on site so you see and hear it all first hand) - which can also be a negative too. You get the opportunity to buy a multi with an owner occupied loan (saves some interest rate), and you basically get to house hack your multi, subsidising your mortgage. It is certainly a popular strategy but not for everyone. Ball in your court now!