I'm trying to figure out the best investment strategy & I have up to $190K for a down payment.
My company made $40K net profit in 2019 & much less in 2018. My net for 2020 is about $30-$40K but I haven't filed yet. I live in Portland, OR but the laws aren't landlord friendly at all. I definitely don't think buying a multi-family in Portland is wise but a SFH or townhouse could work.
Would it make more sense to buy a duplex in another state first then use the rental income to buy a smaller home in Portland? Not sure if there's a waiting period between buying two properties or the need to prove rental income for certain amount of time.
Or buy the duplex in another state using a conventional loan & use a bank statement loan for the 2nd Portland property purchase due to my lower income that will show on my 2020 taxes, without having to wait?
My deductions on my 2020 taxes will show much less profit so a bank statement loan would get me a higher approval rate, although I would be paying a higher interest rate.
