When to buy your dream house?

[Eric L.]

Hi everyone,

I bought my first rental property four months ago and I am in the process of turning my current house into a rental as well. I have been looking at lakefront property here for a couple years. I came across what could be my dream house today on the nicest lake around for a little under 2/3 of market value. The problem is that the purchase would strech my finances to the point that I wouldn't see myself being able to buy any rental property for the next three years and I would likely miss the buying market that we have. I am 24, single, and I make about twice the average income for my area. I know that I could pick up three or four rental properties now and have a great headstart on financial security, but a part of me really wants to just enjoy the lake. I know there is no clearcut answer, but I am looking for opinions about what you would do in this situation.