This is more of a brainstorm as I am reading up on real estate as well as Saving before I make my first move. With what I learned so far I would like my Niche to be multifamily property (using one unit as my primary residence and renting out the other). Another idea I was told by family, and in my opinion a TERRIBLE idea, is that I buy a condo which is cheaper and when I am ready to upgrade to a bigger home I rent it out. I currently have a full time steady job and income that lets me work from home 3 days a week so I really think Land lording while living in the property is a better way to get started. I feel when I am ready for my own home i would rent out the second unit and still manage it myself instead of using a property management. Location is also a concern. I think Jersey City is a little overpriced and there has to be something a half hour away that would be a much better investment. As for financing, I was thinking an FHA loan with a low down payment is the way to go. I do have excellent credit though so should I take my time with saving? I also hear horror stories of land lording in my area. Is it worth it? Is a multifamily the way to go? or should i buy my own house first and invest later? I really would like everyone's opinion.
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