Originally posted by @Devan Kaye:
Hi everyone! I am interested in acquiring my first rental property through Rent to Retirement turnkey company. I am still renting an apartment for myself. Would it be smarter to buy a house for myself to live in before buying a rental property? I'd love to househack, but I can't qualify for a loan large enough to purchase a multifamily residence yet. I've been abroad for the past 3 years. I just got back to the states early this year and finally got a job as a property manager assistant. About 25%-50% of my income is commission through leases and banks need to see 2 years worth of income if the job is commission based. I have enough for a down payment for a few of the homes with the turnkey company. It would be a while until I can get approved for a loan for a multifamily residence to househack. Looking for advice on whether to pull the trigger now on a home through Rent to Retirement or wait until I qualify for a loan to househack (could be 2 years from now). I've heard that it's easier to buy your own home once you have a few rental properties and not the other way around. Thanks in advance for your help. I'm on my 4th real estate investing related book (2 of those were by Brandon Turner) and I'm eager to get started!
In most cases I would say that househacking would be the best alternative, but seconding all what is said above, I think your best move would be to sling shot into rentals.
That being said, I think "BRRRR"-ing a property would be your best move, rather than turn key. You can achieve quicker growth this way, but it comes with risk.
