I need some solid advice

[Jeffery R.]

Hello all!

I am in need of some solid advice in my particular situation. Currently, I have my primary residence where I live (118k left on the loan, valued at 130k). I've liquidated my IRA and have around $30-35k that I am willing to invest in a property. I'm torn with buying another 6 figure property because I could try and find a tiny home and some land with my $30k. Then I would rent my primary residence for what should be $200-$300 in passive income after saving for cap ex/taxes/vacancy/etc.

I'm hoping to get different perspectives and the pros and cons of both buying another property to rent or buying another property to live in that is cheaper.

Thanks!
Jeff

[Ayodeji Kuponiyi]

@Jeffery R. honestly it depends on what works best for you. I would base my decision on the numbers. If it makes sense to buy a tiny home while renting your primary while cash flowing postiviely then go for it. Base your decision off the numbers, no emotions :) Best of luck!