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Updated about 3 years ago,
Should I buy an investment property or a personal property ?
I'm in an interesting situation. I'm currently living in Miami but only plan on staying here for the next 3 to 4 years currently in a nice area and I have been looking to buy a condo next to the apartment complex I rent from or buy one or 2 rental units in Orlando
If I were to buy a place next door I would be paying more for the apt than what I'm currently paying in rent. The reason for this is because it would be a 3 bedroom 2 bath apt vs a 1 bedroom 1bath with a den. Obviously, that is only going to be that way until the lease is up and I need to renew at a most likely higher rate but still it would take a large increase to match the payments. The properties I'm looking at are around 400k to 460K
The other option is to buy one or 2 cheaper rental units in say Orlando ( I lived there before and my family owns a rental there so I know the area better)
with option one, it would be a good deal after I move if I could get a rent rate similar to the building I'm renting from or about 3800, but I have seen people list there 3bd 2 ba for around $2500 $2700 not sure why there is a significant disparity the SQF are about the same and the amenities are similar. Is this a thing? Do you get less rent than a purposely built rental building when renting out your condo?
basically, Should I buy a place to live in for the next 3 to 4 years to then rent it out when I leave or buy rental units in another city. What I'm sure about is that I'm going to buy something this next year.
Any help is much appreciated.