BiggerPockets Real Estate Podcast Buy Now vs. Wait and the Best First Rental for Beginners
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Sep 17, 2025 
In this discussion, veteran house flipper James Dainard shares insights on whether to purchase rental properties now or wait for a larger down payment. He emphasizes the importance of acting quickly to secure appreciation potential but also discusses the merits of saving more for a better financial position. James advises beginners on renovation limits, advocating for cosmetic updates over major changes. Plus, he reveals his crucial flipping metric for evaluating property value, making it a must-listen for aspiring investors!
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Buy If House Hack Improves Monthly Cash Flow
- Calculate the monthly cash-flow difference between renting and house-hacking before fixating on mortgage insurance costs.
- If house-hacking meaningfully reduces your monthly outflow, buy now even with PMI; otherwise wait.
House Hack Beginnings Cut Costs Fast
- James Dainard started with a house-hack condo and cut his housing cost by over 60% while learning the business.
- He used early small wins to build savings, skills, and momentum to scale later.
Start With Cosmetic Rehabs
- Prefer cosmetic rehabs for your first investment to limit complexity and timeline risk.
- Avoid structural or major gut rehabs until you build experience and contractor relationships.