First Time Real-Estate Investment
Hi all,
I will soon be moving to Cleveland, OH and either renting or buying in the surrounding area with my future spouse. I have about 20,000 saved and will be looking to make an investment in the following year. I would like to use this life adjustment as a catalyst for my entrance into real-estate. Is there any advice that I could receive in this being my first-real estate investment?
Would it be best to buy or rent in the surrounding Cleveland area? I would like to start generating some passive-income and start with some residential properties in my initial portfolio.
Most Popular Reply
With $20k saved, you could look into house hacking—buying a small multifamily property (like a duplex or triplex) and living in one unit while renting out the others. FHA loans only require about 3.5% down, so it's a great way to start generating passive income while keeping your housing costs low.
If you’re leaning towards renting for now, you could still invest by looking at fix and flip properties or even partnering with someone more experienced to get your foot in the door. Either way, start networking with local real estate groups and agents, they’ll help you learn the Cleveland market better.