Condo Investment in NYC

[Kevin M.]

Hi all,
I brought a single family home last year in nyc with 20% down payment. Home mortgage is $3700/month and $500/month extra payment towards the principal. Currently, I am renting it out for about $3100/month so I am paying about $1000 out of pocket (might sell and use 1031 to buy a 2 family). My future game plan is looking to buy a condo with 50% down payment and pay it off within 3 years. Condo mortgage is $2100/month (with insurance, HOA fee) and the rent would probably be $2200/month. My goal is to continue to buy 3-4 condos like this one and use the snowball strategy to pay off these condos quickly so I can build up my passive income(ideally $20k+ a year from 1 paid off condo). I am open to hear any suggestion or advice to make better investment decisions and get more tax benefits like setting up an LLC . Thanks!

[Basit Siddiqi]

Did you property appreciate for the 1 year that you had ownership?
If there was no appreciation, there is no need to do a 1031 exchange.

I have never been a fan of condo's as you lose some control over the investment - You have no control over the monthly maintenance fees, you may not have control over who is on the board, you have no control over special assessments.

I wish the investments turn out well for you!