<prompt> Human: Hey everyone, I am 25 years old. I have 56k saved and I am trying to decide what to do. I just started my own business building fences in Colorado. I am considering buying a house. My parents are willing to help me and they have been approved for a second home loan since I am now a 1099 and need 2 years income. The housing market here has been booming. In order to not have mortgage insurance I will need to put 20 down. For any decent home where Im at, that will be all my money. I worry that I will invest all my money then there will be a market crash or something. Should I just rent and keep saving for now? Should I rent and invest my money another way? Or should I follow through with buying the house? Thanks!Assistant: I just started my own business20 down is all the money I haveBoth of these statements are the reason why you should continue renting and saving. You need to ensure your business can not only survive, but thrive. Theres a very good reason the bank has a 2-year income disclosure for 1099 personnel. They have experience in lending and managing how much risk they are exposed to. Honestly, housing choices aside, you should be focused on reinvesting all of your profits back into the business for a year or two, the people that fail the hardest are the ones that just pay themselves as soon as the checks roll in and fail to put money back into the business to grow it. Good luck. Human: Thanks, my first month I brought in 6 kbefore taxes and Im buying a trailer and more tools. The only money I have paid myself is paying myself back for start up costs I had. I plan to keep all earnings in my business account unless I need it for something. The reason I am considering buying a house is because I need a house with a garage for my business supplies. I have a personal car and a work truck and tools and soon a trailer. I could rent a house but rent for a house that has what I need around here is 1500-2000. If I put 20 down on a house my mortgage will be about 1100. Also, I have a Mastiff dog. It is nearly impossible to find somewhere that will rent to you with a Mastiff. One option for that is to get her registered as an emotional support dog then they cant refuse you or charge any extra.  <response>: First, as a landlord myself, and also as a person: dont pass off your pet as a support animal to skirt housing compliance issues. Lets say you buy this house, and in 5 years your booming fencing business allows you to move into a larger, nicer home to start a family. You decide to keep your first home as a rental, a wise investment. Good move. Now, to protect your investment and to ensure you can rent it to people with severe pet allergies, you institute a no pet policy. Then some asshat decides he likes your place but not your policy, so hes just going to bend you over with the legal system and move in his pets anyway, because he had them registered as support animals. Dick move, enjoy cleaning up your rental after he leaves. Essentially, if it would piss you off if the roles were reversed, dont do it. I digress. Back to the rest of your situation. Im not saying renting a place now is a permanent solution, but owning a business is risky, and theres going to be lean periods or potential legal wrangling youll need some decent savings to weather. My point is, youre on a good path, rent a bit longer, buy the trailer and tools and save for repairs, then save some more for emergencies, then save in another spot for your house purchase. And get a really good tax guy. 