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Updated over 7 years ago,
First Property in DFW: Investment or Homestead
My long term goal is to 1031 exchange a portfolio of residential investment properties (ideally all multiplexes, but probably some 1-2%/mo sfrs) into a larger commercial property, ideally 15+ units, with a much more hands off operation.
with that in mind, would it be better for me to save up for a larger down payment and never live in my properties, only manage from within 50-75miles (my Dallas proper neighborhood is NOT in my current budget right now) or would it be okay to #HOUSEHACK my first one and then househack a second one in 18-24months, etc.
anyone go down this path before that can offer some advice? TLDR: find a portfolio buyer for the residential units, and exchange all that capital for a downpayment on a large commercial property.
any thoughts/comments/critiques are much appreciated.
dan