One of the listeners asked the following question.
“My partner and I are on target to save up for a deposit in Q4 2020. We want to own a home but also think long term. If we do not find a suitable area/land/house, should we consider an investment property while renting?”
So reading this question brings back the memory.. when I was contemplating buying my first home in 2007, and honestly I didn’t have the knowledge or vision to even think long term, I was just sick of renting and felt that I had to buy a house as I was just married and felt the need for a stable home and it turned out be a good decision looking back.
Having said that, my decision-making process was very straightforward and I certainly didn’t consider any other options that would’ve been available to me. I wasn’t thinking about investing at all. Had I known what I know now, I’d have definitely considered more options and maybe my path to building wealth would’ve been slightly different, in a positive way.
So I thought this would be a good topic for the show… What should you do? when you start out, do you buy/rent or rentvesting? which means renting while investing. My thought on that is you can start investing no matter what option you choose.
If you want to ask me anything, you can submit your questions via www.elmerliu.com.au/askelmer and I will cover them in the show.