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Updated over 6 years ago,
Buying first home as primary looking to buy rental still
Hey all,
I live in Vermont and have been trying to get my feet wet in the rental market for while but have yet to purchase. Me and my girlfriend are closing on our first home this month and that is taking up the money i had planned for a down payment on rental property.
I am still really wanting to buy a duplex or multifamily to start but like i said used most of my cash i had available. I live right on the New York state border where property is much cheaper but so isnt the rent. Where i live in Vermont you can buy a duplex for around 220,000 it seems like and a 2 bd 1 bath goes for about 1100-1200 if its nice. In new york it seems like you can get property from 140-170k and rents for 600-800 but it is a much more land lord friendly state then vermont and the city has a college in it so always college students looking for a place to stay.
What is the best way to get start after just purchasing a home? Should i go for Vermont or New York?
Thanks!