First Time Home buyer Condo vs. Multifamily

[Marie Steward]

Hello All,

I'm new to this forum and home buying/investing for that matter. I currently rent in a large condominium complex in a middle class neighborhood in NYC.  After nearly nine years of renting, I've finally decided to jump into the market. Let me first preface this by stating I'm married with two young children and eventually plan to buy a single family home in one of the suburbs of NYC.  However, in the interim I figured it would make more sense to purchase an investment property to add an additional stream of income to help facilitate that move to the 'burbs'.  I'm considering buying a condo in the complex I currently rent or a multifamily dwelling right outside of my complex (I don't want to change my kid's school). I understand that with maintenance fees, in most cases the multifamily home would be a better investment, however, the area outside of my complex is not that great of a neighborhood. Also, plans have been approved to bring a major railway and some commercial development to the complex in a few years. Some are suggesting this could really increase the value of the condos. Any feedback would be greatly appreciated!

[Jerry Padilla]

@Marie Steward

For your family and children...... I would purchase whatever will make you and your family happy and comfortable. I wouldn't count on appreciation too much..... If it comes that is great! But there will be a lot of disappointment if it doesn't. Is the complex Fannie Mae and FHA approved? If it is that is great! If not financing may be difficult and make it harder to buy/sell.