RN Looking to Start Real Estate Investing – Seeking Advice on First Rental

[Mark Rolfe]

Hi everyone,

I’m new to real estate investing and looking to buy my first rental property soon. I have steady income and want to build a small portfolio over time, mainly for monthly cash flow and long-term wealth.

I’ve been looking at duplexes and 4-plexes in places like the Midwest and the South. I’m still figuring out things like cap rate, cash-on-cash return, and how to find a good property manager.

If you’ve been where I am, I’d love to hear:

• How did you get started?

• Would you recommend buying something turnkey or fixing it up?

• What would you do differently if you could go back?

Thanks for any tips — I really appreciate the help!

First time posting. I am trying to get started on multifamily. Any advice would be ger

[Melissa Justice]

@Mark Rolfe,

Welcome to the community and great first post! You’re asking all the right questions, and it’s clear you’re approaching this with the right mindset.

Starting with duplexes or 4-plexes in the Midwest or South is a smart move - those markets often offer better cash flow, affordable entry prices, and solid long-term tenant demand.

Here’s some advice based on experience--
How I (and many others) got started:
Bought a turnkey duplex out of state with a local property manager in place.

Focused on markets like Indianapolis, Birmingham, and parts of Florida (e.g., Citrus Springs) where rent-to-price ratios were strong.

Kept it simple: prioritized decent cash flow and good PM over trying to chase a big rehab deal on the first go.

Turnkey vs. Fixer-Upper?
Turnkey is great if you're short on time, want to learn the ropes, and value predictable performance.

Fixer-upper may give you more equity, but it’s riskier, especially if you’re remote and still learning.

For your first deal, many recommend starting turnkey or rent-ready so you can focus on learning without the stress of a rehab.

What I’d do differently:
Interview property managers more thoroughly - they make or break your experience, especially out of state.

Run more conservative numbers (budget for maintenance, vacancy, etc.)

Focus more on team and systems than the “perfect” deal.

You’ve got the right goals - cash flow and long-term wealth. Stick with it, build one property at a time, and momentum will follow.

Feel free to reach out if you want to run numbers or talk through a market - rooting for you!

Best of luck,

Melissa