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Updated about 7 years ago,
Advice on First investment Property
Helo,
I'm new to this and getting a little confused on what the best way is to do things. i want to purchase my first investment property (MF DP, TRI, or Quad). The thing is, im currently renting now, and it doesnt make sense to rent and own a property, but my issue of moving into the property is two folds. 1. im expecting a baby in 1 month and mother-in-law is moving in as well, so will go from 2 to 4.
most MF properties ive seen are 2/1 which would be too small for us. im thinking is it wise to use a commercial loan to purchase 2 properties (numbers must work) 1 MF as a total investment, and 1 duplex to live in until i can generate enough cash flow to move into my own SFH.
Or just try to find a MF which has 2/1.5 but may not be in the best area. Also with this route, i wouldnt make anything in cash flow. wouldnt that defeat the purpose?
what have you guys done in this situation? or what would you advice?
my goal is to get out of renting before the end of the year.