Should I purchase my first home or keep renting?

[Danny Lee]

Hello everyone just reaching out for some advice. So I am 27 been taking care of my parents and family since 18. Been renting my whole life till I came about real estate. Recently just purchased a business and now I'm getting into buying a house for my parents. I just don't know if right now is the right time. Should I continue renting and focus on REI , use that loan money to purchase cash flowing properties and maybe purchase a home down the line? But right now I'm currently spending around 2500 a month on rent which been the case in my last 6 years or so. I know there's an option to buy a multi family house and rent out the other unit (house-hacking) but I would like to put my family in a single family home because I have a pretty big family. Now this would kind of turn my purpose of having a asset to a liability. Above all I want to buy my parents a home because it's their dying wish. I know for some investors they are in different boats as their own parents take care of themselves. I'm in a situation where I take care of them. I'm just trying to see what would someone do in my shoes. I'd appreciate any advice , thank you so much.