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Updated almost 4 years ago on . Most recent reply

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Tyler Free
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2
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Purchase a permanent residence or investment property

Tyler Free
Posted

Hi all my name is Tyler this is my first post in the forum. A quick background on me, I’m 31 years old, I currently live in Texas with a stable Process Operator job. I have never owned a home and live in a apartment. I became interested in real estate investing fairly recently. My dilemma is I am ready to transition out of the apartment life and into a home. My question is should my first home purchase be my permanent residence or should it be the beginning of my real estate investing portfolio? 
 
Thank you all

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1,193
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Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
968
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Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
Replied

@Tyler Free. You didn't mention anything about spouse / kids or significant others that may be depending on you.

Since you haven't owned / lived in anything other than apartment - best advice would be to look for a Duplex - Triplex - 4-Plex where you can live in one unit and rent the other(s). This will either allow you to live rent free or at minimum a reduced rate, allowing you to stockpile funds for future investments. 

Check out BP Podcast #448. Gives you a good blueprint for success. 

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