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Updated almost 2 years ago on . Most recent reply

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Should I continue to rent & put my downpayment money towards investment properties?

Jacqueline Floyd
Posted

I'm currently renting a single-family home that is $1740/month that I've lived in for several years and luckily my landlord hasn't been raising the rent on me much since I moved in.

I've finally saved enough to put a substantial downpayment on a home (20%), but the median home price in Houston is around $350,000.  And even a cheaper home at $250,000 will have me paying closer to $2200/month.  I'm not looking forward to higher monthly house payments. Andwith everyone saying that the market is going to nosedive in late 2023 or 2024, I'm afraid to put my money toward something that could lose 10-20% in value and make me feel trapped in the house. 

I'd like to also start investing in rental properties as part of my long-term retirement plan. Would it be better to put that downpayment money toward an investment property and keep renting?  My concern about buying a house to live in first is that my monthly home costs will slow down my ability to save for investment properties, whereas investing first could increase my monthly income.  Any suggestions about a strategy?

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Eliott Elias
  • Investor
  • Austin, TX
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Eliott Elias
  • Investor
  • Austin, TX
Replied

No one here can tell you what to do. I will say this, I don’t see the value in buying a primary as a full-time real estate investor. My cash will work a lot harder in an investment property.

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