Single Family vs Condo vs Multifamily
Hey all,
New to real estate in general, I've been looking at moving out of parents house for some time and looking at ways to invest in real estate. I live in North Jersey and work as a geotechnical engineer where I travel between Newark and NYC for work. I currently have a credit score of 800+ and about 40k in savings, not including retirement (20k+ in the bank and 20k in a wealthfront account). I love the idea of passive income and using a buy and hold strategy overtime to acquire multiple properties to rent out and grow.The idea of house hacking in a 2/3 family house is very pleasing too but I do not know nearly enough to feel confident to be a landlord and so I'm torn between searching for a multifamily house, single family and a condo. I just wanted to hear some of your guys thoughts on focusing on buying a single family property/ condo and building equity in order to take out a home equity loan or saving more money to buy a multifamily home and learning how to house hack. If theres any particular resources you guys can recommend Ill gladly take a look at as well.