I need your advice BP!
I'm looking to get involved in my first real estate purchase. I'm not sure which strategy is best and I'm hoping for some advice or maybe a path I hadn't considered.
I also need to purchase a primary residence leaving from the apartment. So my logic is as follows, please tell me what you think if you don't mind. Any tips are welcome.
Option #1: Buy a single family home. I've placed some offers on really good deals, but have been outbid multiple times thus far. Finding good deals within budget (I've only got 30k to put down) is rare and I don't have the capital to compete with other bidders. So the thought would be to buy the house and immediately begin to plan my next house purchase, this seems very time consuming however.
Option #2: Buy a condo. Provided I can find a cheap condo, I would be able to pay it off sooner than a house most likely and begin to work towards a down payment for a rental property. The lower price point of the condo might also work if I'm able to rent out the condo.
Option #3: Buy a 2-flat: I've taken a look at a few in my area, and only one so far has been economically feasible, but it had a noticeably sloping floor that scared me away from the deal. The others seem to break even or lose a few dollars per month when factoring for all the vacancies and upkeep. The deals are rare, but they could be found and have half my mortgage paid while building equity.
Option #4: ???
I know the post is long but I need some input from the pros! Thanks for taking the time to read. If you need any other financial info I'd be happy to share anything.