First Time Investor - Condo or Multi-family?

[Ian Viray]

Hello,

So I currently live in San Diego, CA and I'm looking into investing in real estate. I have two options right now: first option, I can afford to buy a condo this summer with at least a 5% down payment and I plan to live in it for 1 year then rent it out. Second option, I plan to save as much as I can for one year (on target to save at least 22k by Summer 2019) to have enough down payment for a multi-family home. 

My goal is to build enough passive income a month in order to quit my job. So, which is the better option right now? Are condos good for starting out so I can start building equity? Or would it be better to save up for a multi-family home?

-Ian

[Ken Nyczaj]

@Ian Viray Check your Condo/ Coop Fees, they could decrease cash flow. Also, review CC&R's, Bylaws. Here is something you could ask for:

A resale package is a packet of vital information provided to those purchasing a condominium or a home in an association. The package includes a complete set of recorded documents that govern your association. The Resale Package will vary from state to state. Typically, the documents included are: Annual Financials, Articles of Incorporation, Budget, Bylaws, CC&Rs, Insurance Declaration Page, Regular Meeting Minutes, Resale Certificate/Demand, Reserve Report, Rules and Regulations.