What types of properties are great to start with?

[Cameron Garver]

Hello! Me and two buddies recently went into business together and we are having a disagreement about our first rental property. Me and one of my partners are thinking about our first place being relatively inexpensive and not in the best area. This property will more than likely attract not so great renters, but will cash flow significantly more than a 70-90K house. The other partner wants to spend a good amount for our first property and get a nice spot that will generate cash flow around $150-$200 dollars a month. If we go with his option it will be literally years until we can purchase a second property. I see the pros and cons for each route. Can anyone let me know what their thoughts are on this? We live in Lima, OH and real estate here is very inexpensive. Any answers are much appreciated! 

[Brandon Rush]

Hey Cameron,

Before you guys all jump in the bed together, you need to make sure each of you are all on the same page in terms of long term goals. If one wants something that is completely different than the other(s), this ultimately could lead to disaster. It's like marrying that girl who you thought was going to change, just to find out she is never going to change. The person you marry today is ultimately going to be the same person you are with later on.  Also, I would recommend you guys creating a business plan for your operation. It does not have to be anything fancy, just something in writing to establish the "rules" of your investing. This will detail what the criteria is for your operation which will avoid these kinds of disagreements in the future. 

Good luck on your journey!