Contractor · luzerne county, PA · Member since 2017 · 9 posts · 2 votes
Hello family, here is the deal, Im renting an apartment for $1300 per month ( paying cheap) , but i need a bigger place and those rents goes for $2000-$2500, so im ready to buy a house but in my area cant get anything for less of 400 single family or $500-600 two family ,i can get the money for down payment and upgrade the new house but i was thinking instead of buying a house for myself buy two rentals in a neighbor state that can cashflow $400 per month if not more, and use that money to help me pay the rent of a new place , any advice.
Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
4y
@Marcelo A. I think it depends on when you need to get a bigger place. How long are you willing to wait? How long will it take to save up another down payment if you buy the investment properties? Long-term do you want to be investing in a different market or in the market you live in?
Investor · Thomasville, GA · Member since 2020 · 8 posts · 13 votes
4y
@Marcelo A. I recommend looking into purchasing a duplex in the $500-600k range and HOUSE HACK. It seems that you are in a solid rental market, so why not buy a duplex and have a tenant help pay for your mortgage? That way your are decreasing your living expenses and building equity in your property at the same time! Good Luck!
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
Buy investment properties first...they will make you money, whereas a personal home will not. They will help you get your own home and still continue to make money. Secondarily, house-hacking might be good too....
Hello family, here is the deal, Im renting an apartment for $1300 per month ( paying cheap) , but i need a bigger place and those rents goes for $2000-$2500, so im ready to buy a house but in my area cant get anything for less of 400 single family or $500-600 two family ,i can get the money for down payment and upgrade the new house but i was thinking instead of buying a house for myself buy two rentals in a neighbor state that can cashflow $400 per month if not more, and use that money to help me pay the rent of a new place , any advice.
I’m in the same boat here in S Florida. Anything that isn’t in a C class neighborhood is 400-500k, I don’t want a Condo, and Muli-family house hack is tough with a five year old (see bad neighborhoods above). I also have cheap rent in a perfectly acceptable place for now. Trying to figure out what to do. What did you decide?