I want to own my first property!
The easiest (and the Rebels’ favorite starting point for beginners) is the “buy and use” method of real estate ownership. We love this one for first-time investors or folks who are just attempting to get their feet wet in the wonderful world of Real Estate.
Yep, we love when folks buy their own home and live in it… AND create ways to let it make them money. (Click here if you want to learn how to make money with a property you live in.)
But the first step is getting a home.
Here’s the simple breakdown of a buy and use home. You find a home, buy it, move in, do repairs and improvements as needed, and live in it. It’s your home, your residence.
What might be on your mind is… Why buy a property and live in it versus buying a rental first? Well, here are a couple of great reasons “why” you might want to start this way:
- It’s easier to buy a home as an owner occupant than it is as an investor.
- With an owner-occupied home, you can get in for a lot less out of pocket.
- You’ll also get a better interest rate on your loan. This means a saving over the life of the loan and a big reduction in interest paid.
- There are many programs that assist first time buyers with closing costs and down payments.
- You can slowly do improvements to the home.
- Buying your first home is perhaps the easiest step to building wealth when done correctly.
It is important to note that you will probably be leveraging a cash down payment and your credit score to obtain your first house. So, learn to save, and repair any issues on your credit before you go to a bank for the mortgage.
Normally, your first house isn’t your FOREVER house. So don’t go crazy. You just want to get the ball rolling.
But before you even go and look for a home decide what your plan is—are you keeping it? Will you have roommates? Will you trade it in for another in the future? Or will you keep it as your first rental?
Now, go get your home!!! (And maybe, just maybe, you are on your way to your first rental. If so, click here).
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