What do you wish you had known before your first purchase?
Hello, everyone,
I'm new here so I'll briefly introduce myself. I just turned 25 last month, and my goal is to make a highly successful career out of real estate. I am currently in the military and I'll be moving to the states next month. (due to complications, I still have no idea where I'm going).
I think the title says it all. I'd like to gain information from people who have "been there", and this seems like the perfect place to get it. What do you wish you knew before your first purchase? What would you have done differently? What questions do you think I should be asking, but may not be experienced enough to know I should ask them?
That being said, I am considering making my first purchase a fourplex in whatever state I end up in. I was reading up on FHA and 203K loans, and I'd love to purchase a fourplex, rehab it, and live in one of the units while I rent the others out. Does this seem like a good first purchase? What would you do differently if you had the chance to do it all over again?
Right now, I'm reading "Loopholes of Real Estate" from the "Rich Dad Poor Dad" series, and there seems to be a huge opportunity to get major tax breaks if this is all done correcly. If you have any insight on this, I'd love to hear about it.
Again, if there are any questions I should be asking, please let me know.
Thanks for your time!,
-E. Mace