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Updated about 5 years ago,
Invest locally in expensive market or remotely cheaper
Hi guys, would love some feedback here!
Me, my wife and my 3 year old son live in Brooklyn, NY. It is way too expensive to buy anything worth living in here (at least for us, right now), but just outside the city in places like New Rochelle and Yonkers, we could possibly find a somewhat affordable multi family to house hack in. Probably around 600-700k and would need work, but with an FHA loan we could afford it, although the mortgages look scary. Would this make sense to invest in, as opposed to continuing to rent in our Brooklyn apt while investing remotely in a cheaper market? Trying to weigh the options as to which one would enable us to get on a faster trajectory towards accumulating cash flowing properties and eventually financial independence within the next decade or so.
What are your thoughts?