Single Family vs Condo vs Multifamily

[Mehmet Arslaner]

Hey all,

New to real estate in general, I've been looking at moving out of parents house for some time and looking at ways to invest in real estate. I live in North Jersey and work as a geotechnical engineer where I travel between Newark and NYC for work. I currently have a credit score of 800+ and about 40k in savings, not including retirement (20k+ in the bank and 20k in a wealthfront account). I love the idea of passive income and using a buy and hold strategy overtime to acquire multiple properties to rent out and grow.The idea of house hacking in a 2/3 family house is very pleasing too but I do not know nearly enough to feel confident to be a landlord and so I'm torn between searching for a multifamily house, single family and a condo. I just wanted to hear some of your guys thoughts on focusing on buying a single family property/ condo and building equity in order to take out a home equity loan or saving more money to buy a multifamily home and learning how to house hack. If theres any particular resources you guys can recommend Ill gladly take a look at as well.