Thoughts on 2nd Long Distance Property
About a year and a half ago (with much less knowledge than I have now) I made an impulse buy and purchased a 3b condo out of state. It wasn't even built yet. I got lucky. It was right before material costs exploded and home prices in the area also increased. I also found a fairly priced PM and had it rented immediately. Granted it is only a condo, I am getting good cash flow for a first property and being clueless.
Fast forward to now. More info. More opinions from people. Paralysis by analysis. I suppose I could keep getting these type of properties but it can turn into a grind and eventually I will not get the finance I need. Basically run out of cash. Unless their are lending gymnastics lenders can do I don't know about.
Would going for a 4 unit make more sense? A multi family? Does the condo give me any leverage? Would it make sense to sell it this quickly? I'm waiting to speak with my PM to see if they have experience with multi-units?
I guess what I am asking is, I want to get my money into assets by long distance investing (I live in an area where housing prices are insane as is the competition). Should I take is slower? a duplex? a SFH? another condo? 4 unit? (This is assuming I did my due diligence on the area and get the financing).
Thanks in advance.