Updated over 1 year ago on . Most recent reply
Next Steps on my Portfolio
Hello BP!
After being fully “leased up” on my first multifamily property, I’m thinking about my next one.
There’s two strategies that are running through my head.
First: buy another multifamily property and FHA (or 5% owner occupied conventional) again, house hacking it for max rents.
Or
Second: buy a single-family fixer upper (400-500k) home, live in it for 2 years and either sell it to avoid capital gains tax or rent it out.
Things to note: my S.O. is pretty against house hacking (but willing to do it for a year). I live in NJ so housing prices are fairly high. I anticipate having around 100k in liquid cash for time of next purchase.
Ideally, I’d love to house hack again for a year, then purchase a single family after a year to eventually sell or rent out. Just not sure if I am able to do all over that in NJ over a 2-3 year period with my cash on hand.
Not exactly sure where I’d sit from a cash out refinance standpoint but it’s a thought.
After this, I’d love to get into long distance investing / airbnbs. But that’s a convo for another day…
Let me know if I’m off on my thinking here BP!