Recent college graduate looking to get started into RPI
Good Evening All,
The reason I'm posting today is to seek for advice and tips to help me lay out a plan in buying my first rental properties (multifamily 2,3,4).
First of all, sorry for the beginner questions I'm about to ask.
Background info:
I'm 25yr(M) working as an electrical engineer ( with no real life experience in real estate market), living in NYC, currently have 20K saved up for down payment and will contribute 1k per month from now to late 2023. By late 2023 I should have saved around 32K + (borrowing 30K from my family)= total of 62K for down payment.
In the meantime I am trying to gain as much knowledge as possible about the housing rental investment and save up. I hope to start my plan in early 2024 after the housing market has cooled off, and the interest rates are back to 3%-4%. I'm interested in buying a multi-family house for my rental investment, also using the house hacking strategy.
Questions:
- 1)How do I determine where's the best area to buy in?
- 2)I was reading “RPI” and it states the property is good to buy when it's 20% down its sell price, but how do I know if the sale price is too high or its avg?
- 3)What's the pro/con of duplex,triple, and quadplex? (other than risk)
- 4)I'm currently working 40 hr on my main job, would I still have enough time to manage my rental investment?
- 5)Is it a good idea to start the investment with a partner? What's the pro/con of that?
Thanks,