Updated almost 5 years ago on . Most recent reply
Small condo or 2 family as first investment?
New to real estate in NJ close to NYC. Debating if my first investment should be in a small condo or small multifamily. Mainly nervous about what the future holds for rentals. Properties have been selling like crazy around the area Im looking in and people have been over paying by 20k, 30k, 40k and more for every type of property as a lot of people are leaving NYC. Taxes in this area are also very high (13k for 300k house as an example). I’ve lived here a long time, I have a good job, make a good income, have good credit and a good amount saved. Am doing this solo and am not afraid of work or being a landlord. Looking for the best mangeable long term return. Option A: small condo first then rent and buy more/ bigger after things “settle down”. Option B: small multifamily live in one unit, rent the other then rent both and buy own home. Interested in any insights anyone may have that i may not have considered. Thank you for you input. :)