Need advice with rental property
I am new to BP and to real estate. Very happy to have found this group. I'd like to hear your suggestions. I'd like to buy a multifamily to hold and rent. I live in San Diego and would prefer a property around here or not too far from here as I intend to manage it myself. Due to have a low provable income I am qualified to buy a house no higher than 500k putting 300k down. What would be an area in San Diego or nearby that could provide a cash flow? Should I get a duplex or SFR?
Thank you
Most Popular Reply
If you're putting such a huge chunk of cash down and will only have a $200K loan at today's absurd interest rates, I doubt you'll have a problem with cash flow issues. Your challenge will be finding a nice multi-family for $500K.
I would definitely buy a 2 or 3 (if possible) over a single family. My 2-4 units produce way more cash month over month than my SFR investments.