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Updated about 4 years ago,

User Stats

49
Posts
27
Votes
Alex Mora
  • New to Real Estate
  • Portland, OR
27
Votes |
49
Posts

Need guidance on which way to proceed with second purchase

Alex Mora
  • New to Real Estate
  • Portland, OR
Posted

Analyzing my own home and my local area, I noticed me and my partner purchased a home with a good amount of equity within the first year.

House was valued at 260k and we purchased it for 240k and we put about 15k down

Comps around me are about 290k-300k now from what I can see in Se Portland. 

My partner and I set a goal and that is to buy our very first actual investment property, rather than just buying a place to live in. We are unsure on which path makes more sense to pursue in our market. 

One of the hick ups that we run into is whether it makes sense to sell our current home, since we have a good amount of equity, and purchase a multi-unit or SFH and add an ADU to be able to rent out. Or simply get a home that needs some TLC, live in it for a year or two and than sell. We are not sure which strategy would be best for us and what just makes sense.

I will add that we are newbies and unfortunately we do not know anyone personally around us that is a real estate investor and understands the real estate investing side of things like everyone in BP.

Any kind of feedback would be appreciated !

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