Updated almost 2 years ago on . Most recent reply
First Time Investor Tips
Hi all,
I am a first time real estate investor in the South Palm Beach County area, and am looking at a few properties online (mainly Zillow and Realtor.com) and trying to run some numbers. In the area where I am trying to purchase, Duplex properties are around 450k-550k (and still need about 30k-50k in rehab) or around 600k (90% turnkey). While SFH area about 350k-450k (turnkey) with no HOA. I would be househacking my first property whether it's living in one of the units for a year while renting the other side simultaneously or living in the entire home for the first year and then renting it afterwards.
For the most part rents are around 2k for one side of a Duplex (2/1) and around 2.5k-3k for a SFH (2/2), depending on the area of course. Location is a big thing I am trying to focus on and am even driving past the houses at night after work to check out the area and make sure it would be somewhere where I would like to live. I will be putting anywhere from 3.5%-5% down on the property so with that in mind, would y'all recommend starting with a Multi Family and reduce my living expense or with the SFH and not cash flow until year 2 when I am out of the property?
Additionally, what tips would you give to someone like myself who is looking to get started and is looking to purchase their first rental property?
Thank you in advance!