Hi BP Community!
I’ve been thinking about getting into real estate investing for years now and finally feel like I am at a good place financially to start making moves. However, I could use some advice on the best route to take (buy an investment property or a primary residence first).
Some background on my current situation:
- 1. My boyfriend, and I currently live in a rental in Boston for $4.1k a month (we both work fully remote). We have been working to save up to purchase a primary residence (in Boston or the surrounding suburbs), however, since Massachusetts is currently one of the most expensive housing markets in the country, I’m wondering if it would be more beneficial to purchase my first investment property (out-of-state) first (instead of waiting for home prices to hopefully drop a little in Mass).
- 2. Since my boyfriend’s family lives in New Jersey (Tom’s River/Manahawkin area) I would love to own an investment property down there. Ideally, I’d have an Airbnb down there (for occasional personal use) but have received some feedback that an out-of-state Airbnb would be too difficult to manage. Open to any feedback on this idea, as NJ is much more affordable than the markets we’re looking for a primary residence in Mass.
- 3. If none of the above seem like good options, I’m open to purchasing an investment property in any location, either Airbnb or a long-term rental. Any advice is welcomed!
- 4. Would a long-term rental be a better option just to get some experience with the home-buying process, before jumping into Airbnbs?
I’d love to eventually have a portfolio of rental properties, so just trying to figure out the best path forward. I’m not set on anything so far, so I’d appreciate any advice you have on getting in the game!
Thank you so much!
Renee
