Help with first real estate investment
Hello everyone,
For my first investment, I am planning to buy a property this year or by mid 2024. Main reason is I want to start building a foundation for passive income. But FYI, I don’t have my own house so I am renting.I lived in New York city for 8 years and just moved to Pennsylvania and have been for 2 years. My original plan was to get a duplex in PA so i could house hack for my first investment. But I quickly realized that duplex is not that easy to get in Philadelphia or even in suburbs like conshy, manayunk. In NYC almost every house is multifamily.
So had to take a step back. Lately I have been attracted to airbnb but since I don’t have my own home, I don’t know if that is smart to do. I want to invest in an apartment in NY for airbnb. But again I don’t have a home of my own so i am paying rent too. Would that really bring me side income because I will be spending on rent too?
So my question to you wise real estate people is : For my first investment, should I get apartment in NYC in city or suburbs to airbnb or buy an apartment/house in Philadelphia to airbnb or should I just go traditional route and buy a home for myself (even if its not duplex) to save on the rent i am paying. The best scenario is if I get duplex but they are non existent in Philly or too expensive for me.
How would I start making passive income without a house of your own?
Thank you in advance