Not sure the best option on what to buy next
I’ll make it quick. I’m 24 years old. I live at home. I want to get out. I have 1 investment property (condo that cash flows). Purchased recently. I only have enough money right now for 1 more property (until probably another year). I want to get out of my living situation soon. Do I purchase another investment (2-4 family) and then rent out a house somewhere else for myself. Or do I buy a house just for myself maybe one that could get some rehab so I can cash out later on, but I don’t get another investment property off the bat. I don’t want to live in a multi family or my current property that cash flows. Thank you
At 24 years old, keep the investments going. The "best" answer in my opinion would be to buy a multifamily and live in one of the units, but that doesn't seem to interest you. That being the case, I would rent and keep buying investment properties.
thank you for replying ash. I’m going to do my best to secure more cash so I can obtain more investment properties. At some point I’ll need to buy a house for myself-maybe after I reach the cash flow and equity levels I want
Congrats on having a cash flowing investment at so young!
I would buy a single family home using a conventional (owner occ) loan and then wait 1 year and do it again. You can purchase a single family home and put only 5% down every year until you have 10 conventional mortgages.
I have found this to be the quickest way to grow a real estate portfolio without coming up with 25% down for a 2-4 unit investment occupancy loan.