Get Started in Real Estate - Condo or Wait?

[Michael Peralta]

Hi BP Family,

I want to be as transparent as possible and ask you guys a question. My dream is to buy a multifamily property but, in NY/NJ it's very expensive. However, I am contemplating purchasing a condo until I could increase my savings to try again later. 

In other words, should I purchase a condo in the meantime (since I renting now) or hold off so I could use an FHA loan for an investment property?

I roughly have $50K in liquid assets and not sure if I have enough to stay afloat if any mishaps happen. I figured a condo might be the best way to build equity while saving at the same time.