New BP Investor here w/ a Q and looking to connect

[Andrew T.]

Greetings!

Andreas here, from North NJ (Essex County), looking to connect with other financial freedom loving people, including local investor-friendly  realtors, and like-minded investors.


And a Q: currently I live in a 1/2 acre SFH currently valued at 525k, mortgage at 300k at 30 Year fixed 3% rate, 10k taxes, in a HCOL area. The town here is setting an up-tick in value with a new college campus being built. I am currently fixing/renovating the home, mostly DIY and mostly small/medium scale projects (kitchen reflooring, expanding shower in bathroom, landscaping), in an attempt to increase its value and make it "Rent Ready". My wife, 2 kids, and potentially a 3rd soon, are planning to move in 2 years (to give us time to finish DIYs, allow 3rd baby to come, and time for me to build up cash). We are looking to buy a new home with much smaller acreage, either SFH or ideally a 2-3 unit property, in Morris, Essex, union, Passaic, hudson, or Bergen county.

Ok! Thank you for hanging in there with me,  now for the Q- a few investors I have spoken to asked why not sell my primary home instead and use all the cash to buy a bigger investment property with higher yield. My primary home should rent at 3.5k monthly rent btw. Personally, life is very busy already with 2 and soon to be 3 toddlers at home! So I want to take a simpler route possible for me first investment property. 

Should I sell or rent my home is my first Q? 

Should I buy a SFH, duplex or triplex and house hack?

Should I simply buy a small condo/studio, fix it up (nothing too major), and rent it out? 

I appreciate any and all feedback!

Have a great day,

Andreas