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Updated over 6 years ago,
First Time Investor - Condo or Multi-family?
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