How to start investing income property with proceeds from a home sale?
Hello all,
I have a penthouse condo in downtown San Francisco. I'm thinking of selling it and moving back to the east coast (southeastern Massachusetts.) My realtor wants to list my condo at $750,000 which would give me about $400,000 in proceeds after the mortgage is paid off.
Does it make sense to purchase a pair of investment homes outright (possibly a triplex and a slightly nicer duplex to owner occupy), or should I apply for mortgages and put the rest of the money in my savings?
I've never invested in property before, would this be a prudent method to ensure an income an a place to live with little initial effort.
Thanks,
Tony