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Updated over 7 years ago,
- Investor
- Youngstown, OH
- 2,404
- Votes |
- 2,910
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Struggling to put together my plan
Hello! I am working on putting together a plan to acquire my next property. I began saving in January and have $7k built up so far. My original plan was to look for a single family in the $60k range in the Youngstown, OH area with the intent to use the rental profit to save up for a third property. I figure I'm 6-9 months away from my goal of $15-20k for a down payment and small emergency fund.
Here are my dilemmas:
1) Do I target the Youngstown or Cleveland markets? On the one hand, I live in Cleveland now and have no shortage of tenants to rent the spare bedrooms of my primary residence; however, it would take longer to save as I'd need a larger down payment because real estate is more affordable in Youngstown. I also have more resources in Youngstown in terms of family, contractors, repairmen, etc.
2) Do I aim for a single family to start out or a multi-family? I like the idea of multi-families more, but again, I'd need a larger down payment.
Or are these questions I shouldn't even be concerned with as I'm still a while away from having sufficient cash for a down payment?
TIA!