What is the best first investment?

Question

I know it is a matter of personal preference.

I would like to know what is the best first investment in regards to the easiest to get financing for? I have a low/average credit, make only 35k a year and at the time of my investment I will have 25k in cash and credit at my disposal. I know I am not going to be able to get financing for a property that is uninhabital. What kind of investment is the easiest to get financing for?

N/A N/A · Answer

Thanks.

N/A N/A · Answer

My suggestion for first time investors is this:

The easiest financing available is for rental property.  Either a single family home, duplex or triplex I find to be the best first investment.

The reasoning is this:

When you buy rental income and turn a profit, that profit counts toward additional financing for additional properties.  As you become more experienced with investments on this level you can begin to consider larger investment strategies.

Once you have qualified your financing, you know how much you can afford.  Now it's time to shop and run the numbers.

There are many properties available that will meet your financial needs, you just have to find them.  Here is where a Real Estate Professional comes in handy.  They can find you properties within your guide lines very quickly.

They can also tell you what you can expect to recieve as far as a fair rental price.  You need this information to run your investment numbers, to make sure the rental returns cover the expenses.

If you do not want to be a landlord, you can hire a property management company to do this for you.  Just make sure to include this fee in your investment calculations.

There is investor information on our webite  Panama City Fl Real Estate  that is free and requires no registration.

I hope this helps and good luck with your investment.