In my city, buying a home seems like a pipe dream. A one-bedroom apartment costs more than I make in one paycheck. However, for those who are in a good space, The Oofy has compiled an interesting spread on potentially buying an investment property prior to purchasing your own first home. This move can help you establish your credit worthiness and outline your priorities for future lender options while having someone else help out with the mortgage and growing the capital on your home just in case.
- Just as if you were purchasing a first home, you will need to look into reputable lenders willing to bank on a first-time buyer, even if your first property purchase is for investment.
- You should work on building up a reputation and followers via social media, who will be interested in what you have to offer.
- Decide if your investment is a designated flipper, or whether you prefer to rent it lease it.
“If you are young, and looking to buy an investment property without your first home, look no further!”