Asked by Jae, Brooklyn, NY • Sat Apr 12, 2008
I've done a bit of research and I think buying a building in Brooklyn (with say, 4 units) might be the best solution for us. We could easily afford 1/4 of the mortgage on 1 of those apts in a more desirable neighborhood and rent out the rest. I know this is a very general question, but is this "buying in bulk" approach a good one for our 1st place? Are we going to lose out on 1st home tax benefits etc, if we become landlords? This sounds appealing to us since we can't find a co-op or condo in our budget in a location that's remotely desirable to us, otherwise. At the risk of sounding facetious, I can't help but think of those gallon containers of mustard my mom would buy at Sam's Club thinking she was saving money... At the same time, 3 units to manage and keep rented doesn't sound unreasonable for a couple who both freelance. Any thoughts?
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