Appreciate any advice on my situation.

I live in the suburb of a big city, own real estate, and will be moving about 10 miles from where I am currently to be closer to work. It will make a big difference due to moving out of a currently bad living situation, in addition I will save time commuting to work due to the amount of traffic and geographic considerations, will be closer to social life, and have access to some public transportation options. I've noticed that rental prices are very similar to what the cost of a mortgage payment would be. Given this, I'm leaning toward buying. I've also lived here several years and am pretty familiar with the neighborhoods. I've run some calculations and am not sure that buying a second property would make financial sense due to the cost of the downpayment. If I put that in the stock market or another investment and made 9% nominal return/year it would add up to quite a lot.

I have about 40% equity in my current property and can rent it out to cover its cost completely. What I am thinking about doing is taking a loan on this property for the downpayment on a second property I will purchase. I will become a landlord and rent out property 1. I don't know how long I am planning on living in the area but even if I only lived in property 2 for a couple of years I could rent it out afterward at close to its monthly cost as well.

Is this a reasonable strategy?

Other questions: My credit score is good but not great. It's been increasing a few points for each of the last 9 months. Should I wait until it's excellent and maybe make some student loan payments to try to get it even better?

2. Should I wait for the next stock market/real estate crash? I don't know when this will be but I've noticed MUCH better real estate deals when something like this happens, plus more selection. I am going to move out from my current place regardless, so the alternative would be to rent at very expensive rental prices until I would buy, also I would probably have to commit to a one-year rental although I could potentially sublet if I wanted to buy, depending on what the rules are.


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