Newbie Investing Advice

[Benson Ng]

Good Morning BiggerPockets Members,

I am new to BiggerPockets and a newbie in all aspects of RealEstate. Im currently out on paternity leave and recently been following Robert Kiyosaki and in turn found Brandon Turner and David Green from BiggerPockets. Prior to listening to Brandon Turner I was in the market for a Home to live in for my family due to my living situation current. I also got pre-approved to get on the waitlist in this new development for 625k w/100k down payment.

  I currently stay in a 3bd/2ba Single family home that my grandmother owns that also houses my brother, wife, and daughter who stays downstairs in a master, which we pay as little as 1k a month for. 

Fast forward after reading Rich Dad Poor DaD I realized if I bought my first home the cons would be

-Liability rather than Asset

-Long commute which wouldn't allow me to NOT come home 3 days a week due to Mandatory OT

Pros

- We have our own space and privacy and not be in each others way using kitchen and kitchen table etc.

Sorry for ranting, Just trying to figure out whats the best options to meet financial freedom earlier than waiting on my retirement at age of 58 and ultimately have our own place.

FYI, I don't carry enough capital for a good area in the bay area for a 20 percent down but carry close to 800 in credit.

Any advice is greatly appreciated! Thanks!

- Benson Ng

[Chase Lowry]

one word… maybe two… HOUSEHACK! 3.5% down BOOM… Your own space and privacy BOOM… Close to work because you can afford it BOOM… An asset that is making you money BOOM.