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Updated over 4 years ago,
Newbie and seeking guidance on buying the first property
I am a newbie and just starting out. I have a stable job and I have always hustled and saved. I also own and live in a single-family house with at least $150K+ equity in it. I live in one of the richest counties in the country so property values are super high and its not always easy to buy a second property thats going to be affordable. As I am reading more books and content on real estate investment, most books talk about examples of properties that seem super cheap ($100K-$200K range) which is impossible to find in this area (Northern Virginia). My credit score is in upper 700s and I have had a successful career in marketing and business development.
I have also read through other threads where some PROs are recommending buying a multi-family unit and living in one of the unit and renting out others however if I already own a house and live in it, would you still recommend doing that?? Should I buy my first rental somewhere else? If yes, how would I manage that? Should I buy a townhome or a single family? I am just confused and don't seem to find the right answer anywhere. Looking forward to learning from each one of you. Will you provide your guidance?