First Time Home Buyer/Investor

[Hareesh Datar]

Hello Lovely people out there,  I am looking to buy an apartment/condo/townhouse in New Jersey area at the same time I am thinking of Multi Family homes. As current market rates and interest rates are sky rocketing, what do you suggest?? 

Reason for buying an apartment to avoid renting and convert that money to mortgage payment.

Thanks.

[Cassandra Alessio]

It depends how much you could afford. It is all based on your buying power. I would talk to a few lenders first to see your options. You might qualify for down payment assistance or a higher mortgage if it is a duplex and plan to collect rent. Before you start looking at properties, I would understand your finances first to see what you would qualify for. Then, you have to find your market if you are planning on staying in one unit. You could look at how far you would want to commute for work and then narrow it done. You could try and find a duplex and rent out the other unit (this might require some rehab costs depending on the property). You could look at a condo to purchase if you rather pay for a mortgage than rent. You could find a condo that needs renovation and flip it and resell it or rent it out if the HOA allows. You could buy a single home, rehab and sell it or rent it out. It all depends on your budget.