Dilema, buy a house first or buy an investment property first?

[Jessica Gettle]

Hi there fellow investors!  I've been attending meetings, and reading up on investing a good part of last year up until now trying to figure out how to break in to the investor game.  I really want to purchase my own property however I haven't even bought my first home yet.  My instincts is to buy an investment property first and then build my business to be able to afford a home instead of the other way around.  I figure worse case scenario if I can't resell my first investment property or rent it out I can move into it as a last resort!  My personal finances can only purhcase a 150K home or less.  I am also currently doing credit repair that takes time all while holding down a very demanding full-time job.  

I will also need to find seller financing, hard money or private money for my first deal with only a little cash reserve to pick up my first property.  

Any suggestions?

[Eric Upchurch]

House hack!! Either buy class B in class A 'hood, fix up, wait 2 years (cap gains), then sell, repeat OR buy a duplex, fix up your side while the other side pays the mortgage for the whole building (can work that way if you're savvy), then when the tenant moves out, switch sides. Once both are rehabbed, sell, repeat.

I've hacked my own houses in CA since 2012 and it's been amazing. Tough to stomach stretching to the limits each move, but very profitable. Problems manifest as kids get older, but can do it if you are single or have an understanding spouse on the same page.

Do this 3-5 times and you'll be off to a solid start.