Condo or a single family house for my 1st time REI?

[Gabriela Huayhualla]

I live in Brooklyn, NY and prices here are high. I’ve been looking in NY and also in Miami, FL but I’m still debating if I should get an 1BR apartment (Condo) or a single family house. Any suggestions?

I have 50K saved and 700+ credit score

Basically what are the pros and cons between the two of them?

Thank you!

[Stetson Miller]

Hi @Gabriela Huayhualla

With just a little bit more saved, you could purchase a 2-4 unit multi-family property in the Fort Myers area, cash flowing at $200+ per door monthly. In my opinion, this is one of your best bets compared to single family or condo rentals because in the case of non-payment, you still have the income from at least one other unit to cover ongoing expenses. STR's are also a good investment option, but to really capitalize on their potential in the area, you're looking at purchase prices in the $300-450,000 range.

Let me know if there's any questions I can answer about properties in the area, I would be happy to help!