Looking for opinions on next move!
This may be long winded so I apologize, but I am in desperate need of some advice! Thank you in advance :)
I currently live in a hot market (who doesn’t?) in southern Maine and own (I have a mortgage) a single family home that I live in. I also own (have a mortgage) on a short term rental property. My husband and I are thinking of moving north to be closer to my family for help with a new baby. Additionally, the market isn’t quite as crazy up there and there are a few untapped coastal towns with a lot of potential.
Here’s where I need help:
We currently have about $50k cash plus ~$80k worth of equity in the home we live in. We just bought the rental 3 months ago. Our plan is to purchase a primary residence since we are now eligible, but we aren’t sure what to do. Should we:
1. Buy a multi family that may be less comfortable but provide best shot at rentals
2. Buy a single family with the least amount down to do another deal
Basically my goal is to get involved in as many deals as possible while still keeping my family comfortable and not stretching ourselves too thin. Homes in the area we are moving to start around $250k for single family and $300k for multi families.
Any advice on your next move (even if I didn’t mention it) would be great! Thanks!