Scale of First Multi-family Investment: Go big or go home?
So I was listening to one of the BP podcasts (I can't remember which one) and the guest speaker brought up a really good point: Whether you invest in a 50,000 dollar property or a 500,000 dollar property, theres no difference as long as you really did your homework and know what you're getting yourself into.
Now for a first time buyer who's looking to purchase his first multifamily, could this concept apply to me? Would it be smart to go big (ex. purchasing a nice multifam in a really nice area or one with more units) for my first investment which could in turn generate more cash flow, or is it wise to start small (find a smaller multifam) and work my way up?
I would also strongly consider house hacking and living in one of the units. But I'm still young and could rent out all of the units and live with my rents which would obviously be the more economical thing to do. Furthermore, I was thinking I could even pay off a nice chunk of the mortgage by using my own income from my 9-5 and beat the interest from a loan before it compounds.