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Updated 10 months ago,

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3
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0
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Ranier Moore
  • Philadelphia
0
Votes |
3
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Requesting advice for my next move

Ranier Moore
  • Philadelphia
Posted

Hey everyone, I am a brand new investor and looking for some advice on my situation. My goal is to retire early and use the minimum number of long-term rentals to do so. I currently own a single-family 3/2 in South Philly and the mortgage is about $1,900 a month. I want to purchase another property (preferably multi-family) and move into one of the units to take advantage of owner occupant financing and avoid the 20% down. My challenge is that if I move out and rent my current home, I think I would realistically only be able to rent it for $1,700-$1,900 based on other comparable rentals in my area. The option that I am entertaining is to purchase a multi-family that will cash flow enough so that altogether, the two properties cash flow positive. Is this a good idea I should continue pursuing or are there better options? 

Other information: I currently AirBnB two of the bedrooms and that brings in about $1,400-$1,500 a month but I will not be able to continue to AirBnB the home once I move out because of the zoning regulations. I also considered maybe I could sell the home but I just purchased it a year ago and have minimal equity.

Let me know if there is other key information that will help inform your responses. Thank you in advance!

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