First multi family investment
I am new to Bigger Pockets, and this is my first forum post.
My fiance and I are looking into buying our first home. I have decided that instead of purchasing a single family home for ourselves, we have begun looking into the purchase of a multi family investment property in South Jersey (ie. Camden/Burlington Counties).
I've looked on the market and determined that it is mostly duplexes, and a few more expensive 3 and 4 units. The most likely scenario is for us is the purchase of a duplex, in which we will live in one of the units. This satisfies both my desire for a multi family, and my fiance's desire to feel comfortable and not feel like we're living in an apartment.
The ultimate goal is to cover the mortgage, after the 50% rule, and save the cash flow for a second property in a year or so.
I would love to hear from others who began in a similar fashion. Also, anyone who has experience in this market. Taxes in this area can be fairly significant so that is something I will have to consider when running the numbers.