Hi Everyone! We sold our home (2story) 2 months ago and have been renting an apartment 2 bd&2bath with 4 littles kids. On some days - we wanna strangle each other and most is good. We have been listening/watching BiggerPockets and is itching to get our hands and feet wet but is on the edge on what we should first? We are ok to holding off on our dream home and will work hard to get some investment properties in place first.... what would you advise us to do - buy a smaller 3 bdrm & 2 bath (we would like ranch style) and get another similar one to invest? Or should we get duplex?
What can you afford on your budget? What is your market like in terms of housing prices and rental prices?
If you can afford it, I'd look for a duplex. You can live in half and rent the other half. Your kids would have a yard to play in and hopefully you'd have more space.
It would cost about the same for both. 3 bdrm&2 bath is around $360k... a single duplex going for $350k.... and another duplex for $600k... our max is $600k.
Is the single duplex 3 bed/2 baths on both sides? If so, that is your best option. You could live there for a few years, then move to another place and rent both sides.