Which Type of Property to Begin Investing Journey

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Which Type of Property to Begin Investing Journey

Marc Turenne
Member since 2018 · 6 posts · 1 vote

Hi all!

I am starting out on my real estate journey, and I am trying to determine which type of real estate property I should invest in to start off on the right path.  I am trying to determine if starting out with a single family home would be a better starting point since I'd only be handling one family/tenant, or if it would be okay to start with a small multifamily property.  I plan to utilize property management regardless of what type of property I purchase, but I was wondering what advice any of you may have in regards to starting off.

I look forward to hearing any and all advice you all can provide!

Marc

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Tim JacobPro Member
Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
6y

If you get a pm your time should not be an issue.  To get quality property management you will need a quality asset.  I would recommend single family but multi could work as well.  There will probably be much less selection in multi though.  Get an investors agent to help guide you to figure out what the best property is.  If you don't want to devote a lot of time I would recommend getting something that doesn't need a lot of work unless you want to hire a 3td party project manager.  

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  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    @Marc Turenne Best of luck to you on your new real estate investing journey. I think the best investment property to start out ultimately depends on how much time you are willing to devote to the investment. Stay safe. 

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  • Marc Turenne
    OP
    Member since 2018 · 6 posts · 1 vote
    6y

    @Marlen Weber Thank you!  I will be working a full time job along with starting my real estate journey, so ideally the least amount of required time possible would be the best!

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  • Tim JacobPro Member
    Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
    6y

    If you get a pm your time should not be an issue.  To get quality property management you will need a quality asset.  I would recommend single family but multi could work as well.  There will probably be much less selection in multi though.  Get an investors agent to help guide you to figure out what the best property is.  If you don't want to devote a lot of time I would recommend getting something that doesn't need a lot of work unless you want to hire a 3td party project manager.  

    1Reply
  • Joe HammelBusiness Member
    Real Estate Agent · Metro Detroit, MI · Member since 2018 · 614 posts · 666 votes
    6y

    @Marc Turenne

    General rule, the single family will attract perhaps a "better" tenant and could be easier to manage. Also will be easier to find a deal in most market.

    The bonus of multiple doors and one roof, with the scalabilty of multi-family is attractive.

    If you can find an awesome deal on the multifamily, I'd take it. If not, it shouldn't be too hard to find a good deal on a single family home and just get started on your journey to wealth building!

    Property Management really should take care of most of your time/issues. 

    [email protected]248-422-1685
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  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    @Marc Turenne in this case, I would suggest a hiring a property manager to overlook your property so that your time invested stay at a minimum. 

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