Welcome to another edition of the Worst Advice series, where I discuss the worst possible advices someone can give you in real estate and tell you why.
Let's say you've saved up some money, and you decided to buy your own home Congratulations!
You found out that you still have some left, which for some reason can help you buy another house. Then your friend tells you, "man, just buy as much house as you can! Think about having multiple places to crash in every city. Then you can sell it in the future to buy even more houses! Then you can..." and the slippery slope goes on.
Well, if you want to be house rich and cash poor, maybe you want to follow this advice.
As your partner in real estate, in a long term real estate game, it doesn't matter whether you are a first time home buyer, investing for the first home or multiple homes or moving up.
Understanding what your needs wants in lifestyle or immediate needs are on long term goals are before you buy your real estate investments.
For example, if you have a career path that's going to approve it for my city of Northern Virginia, you may want to consider buying a smaller home. So that way you can buy another property where you're going to be moving or split into multiple investments in future. Or if you're planning to grow your family, a three bedroom or two bedroom may not be sufficient.
Any questions about buying or selling a home? Let's team up! Call me at 703-625-4949 or visit my website at www.RituDesai.com for more information.