A first car is probably more important. Seeing as it's the first. You hardly need 2 houses.

First car, so you can get back and forth to work, to buy your second house.

1st car:)

Maybe you could buy a good used car, and still afford a second house!:) You could rent the house, and pay for both!!!!!!!!!

Do you have transportation now? Is your car reliable? If you answered "yes" to both questions, then I would think about a 2nd home if you can affordable it. Affordable as in able to pay for the mortgage if you do not have tenants. Now the RE market is down, it's a great opportunity to buy as it's a buyers market ONLY if you have disposable income and hold onto the home for long term!

first car

Please allow me ask some Qs about a 2nd home. 1] Do you need that 2nd home? 2] You know the financial situation in the U.S. and around the world. Are you able to qualify for the mortgage for that 2nd home? 3] Will it be 100% totally for your own exclusive use or are you going to rent it for part or all of the year? 4] If you're renting it, do you know how to properly get the best tenant for the property? YOU WANR AND NEED the following kind of tenant: Someone or a family who will take proper care of your property - according to the terms of the lease. That tenant MUST pay the rent on-time, every time without any excuses or b.s. You DON'T WANT someone who is going to be bothering you for every little problem or situation AND you DON'T want to bother that tenant. To achieve all that - and more - you have to know how to properly qualify that tenant AND how to properly prepare the lease. 5] There is maintenance, taxes, repairs, etc. As far as the car is concerned: If you have dependable transportation, and you are able to get around with relative ease, why go to the expense of buying a car? Buying a vehicle means: A] Gas - it's down now, BUT if it starts to increase, will you be able to afford that higher-priced gas? Would you want to pay that much for gas? B] Insurance: In every state I know of, the registered owner MUST carry insurance. Do you have the extra money or income for the insurance? If you have younger drivers in your family, you'll discover your insurance premium will be A WHOLE LOT HIGHER. C] Maintenance: Oil changes, preventive maintenance such as changing filters on a pretty regular basis, periodic vehicle inspections, tires, etc. D] If you get into a crash and the car is totaled, will you have an alternative method of getting around? It doesn't make any difference about what you or any one else is evaluating thinking about doing or not doing. There is a logical procedure to making a decision - whether to do something or not to do that same thing. BEFORE you do anything, you MUST “get your ducks lined-up”. There’s an old saying: The only stupid question is the question you don't ask." THEN, you have to ask questions of knowledgeable people. DON'T be afraid to ask questions - and keep asking questions until you get understandable answers to your questions. This requires persistence and tenacity. Will some folks think you're a pain in the neck [and another place]? Absolutely. Don't settle for "fluff" answers or "smoke and mirrors" answers. After getting ALL your questions answered to your satisfaction, HOW do you evaluate and make your decision? Benjamin Franklin developed a very simple, yet very effective system. Sit down in a very quiet place. NO TV, ipod, radio or any other interruptions or distractions. At the top on a blank sheet of paper, write the situation/challenge/problem you are faced with: Should I/we do . . .? After the question draw a vertical line down the middle and a horizontal line across the top of that vertical line - much like a very large upper case "T". On the left side of that middle vertical line, write "For" or "+". On the right side of that middle vertical line, write "Against" or "-". Under that +, you number and write down ALL those things or points which could help you to go FOR that question. Under that -, you number and write down ALL those things or points which could help you NOT to go or Against that question. You can use multiple sheets of paper for one career. You can take as long OR as little time as you like. This is your career and your life you are getting answers about.. Do the same for any and all other careers you’re interested in. You can switch back from sheet to sheet and from + to - and then from - to +. . Look at the numbers between the all your sheets: When the + outnumber/outweigh the -, do it. When the - outnumber/outweigh the +, don't do it. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name! Sources: My wonderful family! In the real estate bsiness over 34 years in Pennsylvania. The many books I read, highlighted and made marks and notes in. The many tapes I listened to My terrific teachers, instructors, professors, mentors and coaches! Some observations and personal opionions. "THE University of Hard Knocks" Also known as ("a/k/a") "life's valuable lessons".

I think, you should invest and buy your first car, since you already have a house. You can use your car to go back and forth to work to earn more money so you can buy another house.