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Updated about 5 years ago,
Looking for advice on purchase of multifamily home
Hello All,
I am currently a 30 year old living in Upstate New York looking for some real estate investing advice. I currently own two single family homes, one I live in and one I rent out (generating 400$ / month cash flow). I have roughly 40,000$ equity into the home I live in and roughly 90,000$ of equity in the home I rent out with roughly 10,000$ in liquid cash for investing. The single family home is starting to get old and a good amount of money will soon have to be sunk in the home to keep it in good working order. Im very interested in starting to purchase small multifamily homes in my area to rent out but unsure of the smartest way to go about this. Would it be a good idea to sell off the single family home & invest all the money toward multi family homes? or would it be smart to keep the single family since its generating cash flow and take out a home equity loan for the down payment on the multifamily property? if so would it be best to take from the rental or the home I live in? The financial side of investing is very new to me so all advice is very much appreciated.
Thank you for the help.