Buy a rental property or a personal home first?

I’m 23 and live with parents. Im contemplating buying a place and moving out, or buying a rental property first. Could also either stay at home or get an apartment.

I’m financially ready to buy something I just don’t know which to do first. Advice?

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Do both, if it’s an option - buy a duplex, live on onside, rent out the other side out

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Thatd be ideal, but havent seen any at an approachable price in an area id like to live

Rental property - i did this, now i have 5 at 28

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I moved out into my 4th property in 2021, now i rent that, live in my main home i bought in 2023.

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If you’re living with your parents, buy a rental first and try to pay if off as early as possible.

But keeping adding towards the down payment of your own home. You could also convert your rental to your primary if needed in future.

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Thanks for the thoughts !

Buy a 4-plex and live in one so this classifies it as a primary residence whereby you only need to put 5% down. Get the other 3 tenants to cover your mortgage and taxes etc. You'll be grateful you did it 10yrs down the line.

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If someone can afford $800k house they might want to live 4br house all by themselves. All depending on what you choose, lifestyle vs investment

Can you bring girls home to your parents house ?

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House hack. Live in a SFH and rent out rooms. I did that at 24 in a law school town and it was a solid start to my real estate investing. Eventually sold it 10 years later and used that money to buy a nicer investment property down the line.

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Definitely finance a multi family first with an fha, then you can move on with your life after a year or job change marriage after securing that sweetheart loan

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I went the route of buying a rental condo while renting a room from someone else. Has turned out decently well, about to sell the condo tmrw after five years and turn $30k investment to $140k cash back. Exiting bc need cash for business venture.

If I had to do it again, I would house hack and buy a place to live in and rent to roommates. Would give you best of both worlds and easier management.

Also would ask you to consider if being a landlord is something you’d be ok with. I really didn’t enjoy it even with a property manager and was a big source of anxiety and headache for me. Not sure if I’d ever want to rent a place out again personally vs putting money into something more passive like ETFs.

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