"I don't want you to wait. I want you to be thinking about buying real estate sooner versus later," he tells CNBC Make It. That's because homeownership is "the ultimate escalator to building wealth," he says. "People who own real estate get rich."
Bach argues that you have to live somewhere for the rest of your life, so you might as well invest in a home that you could own permanently.
That said, there are three situations in which you should not buy. Here's when Bach says it makes more sense to rent a home:
1. You're not staying put. "If you think you're going to move in the next three years, you should not be buying a piece of real estate," says Bach. Other experts say you shouldn't own unless you plan on staying in the home for at least five years.
In general, it's best to buy when you're thinking long-term. That's because, thanks to their high start-up costs, houses don't usually make great short-term investments. The longer you can wait, the more likely you are to regain what you paid in transaction costs and be able to sell for a profit.