The investment is a little bit more upfront since you'll have to furnish the room and bathroom fully, but you may be able to command a higher rent each month since you're covering all utilities, WIFI, and providing all the furnishings.Either way, renting out the room is a great idea and I'm sure it will be helpful so you can rest a little bit easier while you save to move to Lakeview, eventually :)

Quote from @Denise Lang: Hello everyone,my wife and I want to start our real estate investing journey to boost our wealth and retirement fund.

The amount of capital required from your savings to purchase multiple properties depends on the appreciation rates.

The year of the purchase I saved money like a madman and saved roughly 22k.

A follow up question I now have would be do you think its smarter to completely pay off the first property before buying a new property or to keep going out and buying new properties once i have enough saved up for the down payment along with extra fees?

I have been listening to the Rent to Retirement podcast recently and they have been heavily selling properties in Akron, OH and I have read some really good reviews about their experience.

Principal Paydown:  Cash Flow:  Tax Benefits: Savings from depreciation and interest deductions.For a deal to make sense, at least three of these components—home appreciation, cash flow, and principal paydown—need to be strong.

There was an article published in Sept 2024 that showed the average consumer would save over $10,000 by working with a broker vs a direct lender over the life of their loan. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Granted this was on plots of land I didn't pay for, and that are already connected to the city's water and sewer, so there's a lot of savings there, but I'm hoping if it turns out to be this good of a deal I can still scoop up land and keep going