Hi, I’m looking to buy a home. I inherited a home worth 1.2 million, but it’s split between my mother and me in Washington state, and I’m ready to move to Idaho. I’ve been trying to find a multi-unit to move into first, but I’m just not finding any in my price range. Would it be better to just get a first-time home buying loan and live in a home and then rent it out two years from now, hoping that maybe I find a multi-unit by then? I also have some bitcoin, but I don’t want to sell them. I could sell them to get a multi-unit, but now I’m thinking just getting moved over and a home would be fine right now. My grandma and dad live in Idaho, and they are getting old, and I just had my first baby, so I don’t want to be in Washington anymore. Any advice for me would be appreciated.
If you have a set price range, you’re going to have to find the best option within that range. Or you could consider moving to the top of your price range to open up more multi-unit options. It might help to map out what it looks like if you buy a single-family home first. Think about what is different at year five or ten. Multi-family properties are great, but they aren’t the only path.
I totally understand your situation. With everything going on, moving to Idaho sounds like a good plan. Just keep in mind how much time and effort you want to invest in a multi-unit property later.
Yeah, I really want to be close to my family, especially with my new baby. I just don’t want to rush into a decision I might regret later.
Just remember, renting out a place can be a good way to build equity, but it also comes with responsibilities. Have you thought about how hands-on you want to be as a landlord?
Honestly, whatever route you choose, make sure it aligns with your long-term goals. Family and stability are really important, especially with a baby.