First time home buyer

[Josh Berman]

Hello everyone! This is my first post on bigger pockets. I will make this simple as possible. My business partner and I, are sitting on $20,000 cash. We would like to purchase a small property with a separate unit used specifically for renting, Airbnb, or VRBO.

The plan is for me and my small family to live in one of the dwellings while the other is making us $.

I have never purchased a home so I am wondering what the best route to take would be?

Here is my short list of questions:

Which loan should I target?

Should I wait to purchase anticipating a market crash?

Is this a realistic option given the circumstances?

Please feel free to share any useful strategies or advice. All advice is much appreciated!

[Joel Calkins]

I highly advise leveraging the use of real estate professionals, i.e. a mortgage broker and an investor-friendly real estate agent. With this combination, you can cover any financial questions with the mortgage broker and any neighborhood, data, comps, questions with the agent.

As a buyer remember it costs nothing to use an agent, the cost is incurred by the seller. Also, find people here on BiggerPockets that do vacation rentals and become a sponge to all the information you can find.