Richmond, VA · Member since 2014 · 14 posts · 0 votes
Just started with Real Estate- don't know much yet.
It seems that a good way to get started is to buy a MF and rent it to pay the mortgage and try to get a little cash flow.
By living in it you could get a FHA loan at 3.5. (I've seen this again and again in "starting out" stories)
The only problem is that in my area, there are no MF's, so
What is the next best type of real estate to invest in for a beginner? I hope to buy by within the year.
Thanks, Casey
@Account Closed Welcome to the BP community. Definitely spend some time looking around this website and many of the related blogs for ways to improve your investing strategies.
If I had to start all over again, I would purchase a small MF building as you describe.
Sometimes it's difficult to find MF buildings using any of the standard search tools (MLS, Zillow, etc). For instance, when I search the MLS, I want to find properties that have at least 2 baths (or 3, or ??). A property with one bathroom will only ever be an SFH.
@Liam Goble Thanks Liam. For the time being, I do not have access to MLS. For the sake of learning, what are the best resources for real estate information?
Casey, I have used the following sources for low priced homes/small multis:
zillow.com, trulia.com, homepath.com (HUD homes), auctionzip.com, auction.com. If you make contact with a Realtor in your area, you should be able to get you access to the MLS. In my area, small multis are few and far between, as in there are currently 909 listings and of those, only 5 small multis, and two of those multis are $1M+.
Don't get discouraged; buying one great property is 100x better than buying four mediocre properties. I've been 'aggressively' investing and have only purchased three properties in 18 months (five total units).
My aunt and uncle live in Silver Spring. I'll see if they know a Realtor they could recommend that you could then get in touch with.