Should I Live in My First Real Estate Investment?

[Grey Haubert]

All,

I am currently honing my strategy for buying my first property. I have a goal of being financially independent in 7-10 years. My current dilemma is whether or not to buy my first property with intent to rent it out, or buy (a townhome or apartment) and live in it (hopefully being able to charge my roommate most or all of my mortgage payment).

I know there are loans in which you can take advantage of so that you do not have to put money down when buying your first home, but you must live there. Does anyone know how long you must live there afterwards to still be eligible for the loan?

Also, being that this will be my first property, what price range should I be looking for? I just graduated college in May and am looking to buy by next July.

Thanks,

Grey

[Mark Douglas]

@Grey Haubert  2nd @Account Closed's post. I'm house hacking a duplex now with an FHA loan. The rent on one half is $800 and the mortgage is $735. Looking back, I would've done a 4plex instead of 2 units. One year is a typical live-in requirement, which actually goes by quicker than it would seem.