Updated about 8 years ago on . Most recent reply
New Investor Looking for Advice
Hello everyone! I have been listening to the Bigger Pockets Podcasts and reading everything I can around multi-family investing. I have a full time job North of Boston (50 plus hours / week) but I am looking to make some passive income to help support my growing family. I would really appreciate some advice!
Currently we have around 580K in equity in our home (which is worth around 700K). I have some cash in stocks and other mutual funds but I am not seeing the returns I would like to see. I am very handy and am thinking having a few multi-family units would be a good way to use this equity to build wealth over the long-term.
My plan right now is to purchase something between 400-700K with 2-3 units to get started using equity from our home. We live close to several urban areas that have properties in this range and I am torn on investing in these areas which don't have great schools (one has a university) or investing in a more suburban area with better schools but possibly less renters looking for apartments.
What next steps should I take to make sure I don't make a poor investment decision?