Hello. Quick question - I'm looking to buy a second property. My single family home is paid off. Should I a.) buy another single family home or b.) save a little more down payment for a multi-family property? I'm overthinking and need help! Thx!
I favor single family homes. They tend to appreciate more; they tend to transact easier (buy and sell), and they have better long-term cash flow per door.
That said, the downside to single family is its scalability. People struggle to have 500 unique properties, where ten times that many doors is achievable through large multifamily.
Clarify how much money and time you want to plant in real estate investing, and which experience you want. Act, and it will pay off either way. Best of luck!
First of all welcome to the BiggerPockets Community! Secondly it all depends on what your end goal is and how fast you desire to go through "crawl, walk, run" phrase we are all so used to hearing. You can become financially free using both methods, it just depends on what you would like as an end goal. If you do decide to go commercial, it would be quite the jump from the crawl phase of SF real estate. For that I would suggest to find someone who is already in the space and provide some form of value to them. Doing this with the mindset that you can go into a deal with them once you have the capital can be a sure road to success in that space. Good luck!
I would say it depends on what your goal is and what the time limit is that you're trying to accomplish that.
My question would be what is your strategy to reach your ultimate goal?
I'm not a big fan of asking questions unless I know what the end outcome is I want and then I ask advice from people but it's always driving me in the direction of my goals not theirs
What are your long term plans and how much time do you have to manage the properties? A duplex is a nice balance between the two.
I like the Duplex idea, and yes your long term goal and time investment will drive the correct decision for YOU