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Updated about 7 years ago on . Most recent reply
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Buying a home and trying to invest otherwise
Hi everyone,
My family is planning to move from NYC and buy a home in northern NJ in the near future (likely Montclair/Maplewood/SO). At the same time, I'm hoping to start investing via a small multifamily building somewhere within a reasonable drive of that area (looking as far as Philadelphia area but ideally closer).
But as reality sets in, I probably can't swing both financially at the same time. I'm eager to start investing though, so I'm wondering what people here would do...wait until after buying the home, save up for another couple of years, then invest in something described above or take a smaller amount of money in the meantime and try a crowdsourced investment. Or something else? I'm not looking for an immediate return/cash flow necessarily, if that helps.
Any thoughts are greatly appreciated. Thanks!
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Buying a personal home is a life style decision not a investment and in fact is a liability. If you want to invest then invest. If you want to buy a home buy a home.
You need to set your priorities, pay now or pay later.
My priority, for the future of my family, would be to invest first and buy a home when I have surplus cash to waste.
I would buy a multi and live in one unit or rent a separate apartment to live in.