What would you do? Rent or Buy?

[Hillary Dandridge]

Good Evening my Bigger Pockets Peeps! So, as a newbie I'm sooo in the education phase of this investing market it's crazy! But as I learn more I'm slowly building up not only my education, but the courage to go ahead and make my first deal. Now, I have a few properties I'm looking at and a few areas, but I'm torn in the decision of how to go about my personal residency...ikr! So, I'm currently living out of state and planning on moving back home in the next year, but I'm torn on whether to rent or just purchase a small home. Now, part of me would think to go ahead and just rent another apt, but that include deposits, dog fees, etc. But another part of me is "trying to think like an investor" and just purchase a home ( for the low) and in a few years turn that into an investment property ( hopefully along with others). I just don't see me purchasing income properties and in-turn paying a landlord for my residence. So, what would you do? Or, what have you done?

Also, I was told mortgagees ( the "30 years " ones) are no no's...how true is that?

Thanks!

[Alexander Felice]

hard to say. buying can be rewarding, profitable, and relatively low risk. renting can seem to give you flexibility, but a cash flowing rental can do the same and more sometimes.

I will say that whatever you buy, buy it as an investment house. Don't ever buy a HOME, always buy a house. A house is a wealth producing asset, a home is an emotional anchor.

One thing you mentioned is location. If you plan to move around, that would be the most important consideration. You can certainly own houses long distance, but choose your market deliberately don't just buy where you are because it's close.

Also, 30 year mortgages are the dream. There are little to no benefits in shorter term notes.