"Live where you rent and rent what you own."
I'm sure you've all heard the saying "live where you rent and rent what you own." Although I think most of us can agree that Grant Cardone is a salesman and a showman, is there any merit to what he's saying?
My goal is to create cash flow. I live in northern New Jersey which is an expensive market (duplexes going for over $600k). I currently live home (24 yo) and have been able to save up $70k over 2 years from my engineering job. Does it make sense to purchase a single family home in a less expensive market like south jersey and rent that out and move myself into a modest 1 Br 1 Ba apartment for $1700 per month? My original plan was to house hack but I've been looking for a year and I haven't been able to find anything that makes sense.
Any advice is appreciated!!!