Posted on Sep 19, 2016
Would you personally buy an investment property before your primary residence?
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I'm saving up for a down payment and other expenses for my first property... If money was not a huge issue, would you personally buy an investment property before you bought you primary residence?
I'm content where I'm at now and I have a chunk of cash that I throw into my brokerage that I can put towards a mortgage on an investment property
I'm content where I'm at now and I have a chunk of cash that I throw into my brokerage that I can put towards a mortgage on an investment property
Posted 8 y ago
Responses: 7
No, I will always buy my primary residence before any investment property. Any investment, including real estate, is at risk money. Your home should not be put at risk, especially if you have a family. Families, people, couples, children need stability to thrive, owning the primary residence is part of the stability many people need to feel safe.
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There is no better investment than property. All wealth rises from real estate. Today, I live in an apartment. With age, caring for and maintaining a home is too much of a chore. However, the rental property is like a press reliably printing money to provide an income for our old age. Better than any investment in stocks and bonds or savings. And, remember, you can have it both ways. Invest in a duplex or triplex, and live in one unit while renting the others. As the mortgage is paid off and equity grows, you can easily afford a home of your own while keeping the investment property as your own printing press.
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SPC(P) (Join to see) My preference would be to save your money for your primary residence. Do you have an emergency fund established and are you maxing out your retirement plan(s)?
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Sgt (Join to see)
SPC(P) (Join to see) - I recommend that you have more than 5K set aside, and max out on your Roth 401K each year. You are ahead of a lot of folks.
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SPC(P) (Join to see)
Sgt (Join to see) - I wish I could put more than 5500 a year, maybe I should look into opening a traditional account
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