First time REI, looking for strategy suggestions

[Greg Betza]

I sold my home in 2019 and have rented since. Currently in the Tampa, FL area.

I’m looking for ideas as to whether it makes sense, in our current market, to invest in a home for my family of 4 or look for an investment property first.

I liked the idea of house hacking a multi-family but with young children I’d rather not have to move them after a year, so looking for other options to achieve a permanent home and an investment property in the next 2-3 years.

Would love to hear from some pros as I’m finding myself stuck at this question.

Thanks!

[Will Fraser]

Hi @Greg Betza, I would re-affirm the house-hacking approach to you with one modification.  You absolutely don't have to move after a year.  That's the typical recommended approach because you can rinse-and-repeat but it is not necessary at all to participate in the manifold benefits of house-hacking.

My family of 4 moved into a house-hack 2.5 years ago with a calendar on the wall marking down the 365 days we HAD to be there.  We moved from a 2,000 sq ft home with 4 bedrooms (an office for me, a room for each kiddo, and the Ruler's Roost . . . perfect American Dream approach).  Our mindset was "we'll do this because it is obviously strategic, but we'll have to endure it."  In reality, we ended up loving it and staying 2.25 years!  The only reason we ended up moving was because I wanted to pull off another stunt that necessitated a move.

So, knowing that you by no means HAVE to move, look for things that your family could live for a longer haul.  And, if possible, don't overestimate what you need.  Part of the thing that was so "light" to us is that we realized we didn't need all the space we felt was among our inalienable rights.