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Updated over 7 years ago,
Second home to buy HELP
I live around NYC in union city, NJ but question can be applied to every market. My bro lives in Denver, so maybe that market too for investment purposes.
Last year bought a 2br condo for 145k that i rent 1 room out for $950/m, when i made 60k+commission. Live free now as house is on autopilot, and looking to build more rentals - either condos or single/multifamilies.
Now a year later 30k savings and make more, 75k+comiss and ready to jump in again.
Would like to buy a new place either a cheap condo under 150k (hard to come by here now) to rent for 1400-1500/m or multifamily. Either around NJ close to NYC or Denver areas.
Looking for ideas on what would someone do in my situation. Great credit, not much debt, even do uber/lyft on the side so can throw a few thousand on any repair.
Would i buy a new place and make it primary residence for 20% down?
Would i get other types of financing to buy a more expensive house, as i have solid financial to fall back upon if something goes wrong?
Would i just save and invest somewhere else?
Goal would be to have 5-10 rentals generating few thousands free a month.