Condo vs Duplex Question
Our family is looking to invest in our first property soon. We are currently located in San Diego but open to moving to the suburbs of Philadelphia. If we did move, we would probably in the next 1-2 years.
My question is (because of FHA rules), would it be more beneficial to invest in a condo in San Diego at 3.5% down now, live in it for a year and rent it out and leave? My husband's family lives here so it could be beneficial to have a rental property here. The rent is typically $3200-3500 for a two bedroom. I ran the numbers and the numbers work.
Or, save that money, invest in a duplex back east and house hack for a year before moving onto the next. We are exploring all options and researching what we think the next move should be.
Is a condo rental beneficial while living far away? Since it would be 3.5% down since we live here right now, could this be a smart move? Thanks for your advice and feedback! :)