Should I buy my own house or should I keep renting?

[Brooke Hallock]

Hello! My husband and I have been planning for a year now to purchase a duplex(or tri/quadplex) snd house hack it as our first investment property. The problem with this is that there are absolutely no multifamily properties on the market in our large city (Clarksville) or near by. Every time a multi family comes on the market is if bid on like rapid fire, snd even offering $10k more than asking price and to pay all closing costs we have lost every bid we put in..

We have been renting an apartment since we moved here 2 years ago. Our rent started at about $800 and has gone up now to almost $1000. At this point it seems ridiculous to not own a house and at least be gaining equity in an asset we own, instead of continually giving someone else our money to profit off of.

So now at this point we are looking into the idea of purchasing a single family home for ourself and our small child we just had back in October 2020. We are considering trying to house hack the SF by renting out a room. But I would have to find someone perfect for it as I’m a bit hesitant with our new baby.

I also began wholesaling RE back in August 2020 and closed my first deal a week before my baby was born in October. I just have barley started marketing again and getting back into it about a week ago.

What are your thoughts? Would it be. Good or bad idea to now purchase a SF instead of wasting money on rent? Or should we keep holding out for some sort of multi family to come on the market? Again we have been waiting a year already..

Thanks!

[Kate Barry]

I think you should look at single families that have the potential for conversions.  Look for properties over 2500 square feet or ones that have an oversized or detached garage.  A lot of times a floor plan or layout can be reconfigured to create an auxillary unit.  Possibly even making a unit that could be used as a short term rental