Should I own a home before I decide to buy a rental or flip?

[Shane Pawich]

So I don’t really think I want to own my own home just yet. But I really want to get involved in real estate . Can i hear some pros in cons about this situation? I don’t want to buy a rental home and then not be able to buy my own home for like 7 years. I would really rather wait and buy my own home in about 3 years. But will having rentals affect what i will be able to buy ?

[Carol Desantis]

Owning a home teaches you the basics of what goes into maintaining a property. Renting a home teaches you the basics of managing a property in a business sense. Both are valuable and will contribute to your success in R.E.

With that being said I recommend buying a home that you can both live in and rent out to start. You can keep an eye on the property, be there should an issue arise, and learn about dealing with tenants firsthand.