Duplex: Lower purchase price and easier to manage, but less income potential.Triplex/Fourplex: More income and diversification, though usually more expensive and competitive.The key is to buy what fits your budget and comfort level—not just what looks the most profitable on paper.Planning Ahead for RefinancingIf you start with an FHA loan, refinancing into a conventional loan can save you money long-term.

TLDR - look at ROE, determine opportunity cost of equity left in the house, consider your diversification 

And I feel the ideal portfolio can benefit from the diversification of both.I feel directly owned properties are great because they give me maximum control and the ability to tweak them exactly how I want.

Yes, they still have about $3M out with me for diversification, but I got a little broad-sided by that one, LOL. 

Investing in the S&P 500 is great for diversification but doesn’t provide the direct cash flow and leverage that real estate does.If your goal is steady income and portfolio growth, reinvesting into another turnkey rental often offers a strong balance of appreciation and cash flow, especially if you partner with a solid team.Happy to discuss more about opportunities that are out there :-)Best of luck!

And it provides you the diversification of location and time.Work with a lender that can provide not just a loan, but help you plan/strategize to build your portfolio, and support you over time across the US. 

The upside is diversification and access to institutional-quality projects without the headaches of management.

I know I am going to take a look for some diversification this year.I second your direction here Jay. 

Investing long term is a wealth diversification strategy, not a lifestyle decision. 

For Alex, it wasn’t just about strong returns, but also stability, diversification, and appreciation potential.