First home. Is this a good investment?

[Isaiah Bellah]

My wife and I are small business owners and are looking buy our first home. We plan to live in it for one year and then rent/airbnb it out. We are using an FHA and putting 3.5% down plus we have an appraisal gap of 10k that we have to cover in cash. As I look at rental prices in our area, it seems like we would break even on our mortgage on long term rental. Air BNB seems like it would cash flow a little bit better. The goal is obviously to cash flow on this property within a year. What are you thoughts about this situation? would you buy? What questions would you ask yourself to make a great financial decision?

[Steven Foster Wilson]

Its best just to get started. 

When I got started investing my sophomore year of college, I had $500 to my name, My grandmother lent me $12k for the down payment on a duplex on OSU campus in Columbus. Over the course of a year, my wife and I fixed it up, rented to friends, ate peanut butter and jelly, and did everything we could. We then refinanced the property and it has given us $140k in cashback and continually produces $1,800/month in cash flow.

Ultimately, even if you break even you are going to have an asset paid in full at the end of 30 years!