Regret on First Property?
I'm kind of thinking out loud on this post, and have shared it with some people in real life, but none with real estate experience.
My duplex was supposed to close on the 9th, but as of this morning, is still delayed (why, I don't know, but I gave that bank one huge mulligan for a previous mishap and it probably won't be granted another). But it got me thinking about what I want to do moving forward.
I started reading about real estate in the fall, learned A LOT, but eventually needing to get into the game to move forward as everything started going in one ear and out the other from being overwhelmed.
I chose a duplex for the cash flow. Which, since, I've learned I(severely) overestimated. This duplex has good long term tenants, but that's really where the gravy train ends, unless you want to count equity (which I'm not so sure how much I do, because that's money I could use elsewhere to build a business). Cash flow is very low; I traded higher rent for better tenants.
As I've learned more, I've thought more about rehabbing. It takes a higher REI-IQ, but you will earn larger chunks of cash (I have a job, so a rental's cash flow isn't hugely consequential to me anymore). Plus, it seems much more scalable, at least toward the beginning, than buying-and-holding SFHs and multi-units. Scalability is HUGE for me; I view myself more as an entrepreneur than a real estate investor. I would like to branch out into other industries in the future.
Which leads me to regretting my first property already. I know that will probably come off as negative already, but if I could do it over again I wouldn't. I do gain renting, tenant, and landlording experience, but I'd rather hold off until I can afford apartment complexes than small duplexes than won't net any discerning income. However, a huge chunk of my savings will go away into a property that doesn't serve any purpose other than being a learning tool, which I suppose it already has.
I guess you live and learn.