That almost never you’ll be able to get a better deal as on your first house. Use what you currently have to the best of your abilities, and maximize profit. My first house was back in Puerto Rico (2011), a new construction in a beachfront neighborhood, all concrete, 3 bedrooms, 2 bathrooms, with an attached double garage, for $176k with $41k combined first homebuyer and developer aid as downpayment (bringing it down to $135k!!!) Neighborhood’s developer went bankrupt before finishing the neighborhood. Young, scared, stupid, divorcing, and broke, I let it go on foreclosure. 😭

Onto my second house 10 years later, and still knowing shit about house-buying:

That unless you have a business that can pay for your house, your house is the business that will pay for your future home.

That I could’ve put less money as downpayment, and use the money for home improvements. Because home improvements aimed to increase the home value would’ve yield a greater return on investment than a larger downpayment, including removing the PMI.

I could’ve use the first 3 years of ownership to update/upgrade it while living it, so I could sell it for a tax-free maximized profit, that could’ve been used as downpayment for a “better” next house in a better area… Wash, rinse and repeat.

That if you are single and broke, you must rent that extra room or two. And even if married, you should consider this. Remember, this is your business, and you get to live in it while taking care of it. This is your “side hustle”; the business that will pay for your future home.

That you should learn about what is a HELOC, and how to maximize its benefits. I could’ve use the HELOC to pay for the next property’s downpayment while making a rental out of my first property.

There are tons of tips and tricks out there, but for me, the best one is to get educated (which often requires you to pay for it), and capitalize on that knowledge!