Advice on buying home, moving in, then renting it out.

[Andrey Zohrabyan]

Hey guys,
So I am a 18-year-old newbie who is thinking about buying my first house as one I can live in so I can put a smaller down payment, then renting it out after the right amount of time. (I recently heard about this.) Any advice on the best way to execute this and please explain it to me like you are talking to someone who knows very little about this lol. Thanks for your time!

[Brandon Rush]

Hey Andrey,

Welcome to BP. My first question is, have you considered moving into a multi-family property instead of a single family home? You can still utilize many of the same low down payment options, but you will be able to have other units pay your mortgage for you instead of you being on the hook from day one. One thing to keep in mind is that there are many programs out there for first time homebuyers, so make sure you choose wisely in your first investment.

It sounds like you are new to this all. I would advise you to read "The House Hacking Strategy" by Craig Curelop. This will probably answer many of the questions you are seeking out.

Good luck on your journey!