Lets say (hypothetically) you had 200k in cash to start off, and you are a newbie investor. Lets say your goal is to fully live off the passive income (i.e. not have to do the day job). Lets also say you aren't that interested in being a landlord. What strategy would you advise to get there as quickly as possible?
a) would you use that cash to buy a series of 2,3,4 multi unit properties
b) would you buy one bigger apartment building
c) would you go out of state? Bear in mind i have been looking in NY state at places like Albany. But folks on BP seem to get much better numbers in other states midwest and south.
d) take a different approach altogether
Would love to hear how you'd approach it?
Thanks in advance!
As a newbie myself, I am choosing b). I would also add c) but I am in TX already :-)
You may want to check out these other threads:
So no matter how much you have, there is a thread for you!
Thanks Nick B. Thanks Dawn - that's a useful collection of posts. I will delve into those.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing