I was just curious your opinions. Previously the plan was to rent an apartment and save money for a home, however rents are so high and rates so low…is it better to purchase a home after getting married?
A friend of mine said money is so cheap nows the time to take advantage of that.
Im not relocating within the next 5 years and I can pay the downpayment.
What are your thoughts?
Hi,
I have friends that just by buying a home and living in it 3 to 5 years then buying another to upsize or downsize have ammassed 8, 10, 12 or more homes over 30 or 35 years and these people did not purpose to become "Real Estate Investors" they were searching for best tax and estate planning and just happened to be smart enough to keep old homes and make them rentals.
I think owning your own home is a great first choice then progress into investing in real estate.
Congratulations on your wedding!
GR
It might be a great idea.
Just think hard about what will happen when you need to move. If you pick a property that you are willing to hold and you rent it out rather than sell it, you are largely safe from the impact of selling at the wrong time. This means your personal plans are not that tied to the RE cycle. This will mean that if you want to buy again, you will not automatically have the cash from the first property to buy.
Thats what I have been pondering, however I can mitigate that by putting $25000-$30,000 in a MMA or CD just in case that situation arrises…yea?
What about buying the land and building a house on it? Is there any benefits to this besides it being “new”, like financial plusses? Instant equity?