Single Family Rentals

4 Replies

There is a not a lot of multifamilies for sale in my area at the moment.

I need a place to stay and can get a single family home for the price of rent. Is it worth buying a single family first? Should I rent and hold out for a multi-family? Not sure if single family homes are good from a rental perspective.

Thanks,

WT

It depends on your market.

You have to know the market!

If you don't know which SF is good or whether you're getting a good deal aka making money when you're going in, I would suggest contacting an agent and having them get a quick and cheap place to rent. Preferably on a short term rental and not binding to 1 year.

Take your time to scour the area. Understand the neighborhoods. Become the expert in your market.

You don't want to pull a decision hastily and then regret it because it ended up to be a complete mistake.

I own several single family homes that make mine but Mark Anthon is right. To invest well you need to invest intentionally. Take one month and research and analyze 3 deals per day. At the end of the month you should have a good feel for what a good deal is. After that take action and make a decision. You first house may not be your best but you will learn a ton. If your single id buy one and house hack (rent out a room). If you have a family I'd buy it with the intent of moving in one year. Don't let you or your spouse fall into the trap of "If we are buying it it has to be perfect." If your really serious read a real estate book a week to add to your knowledge during your month of prep. If you don't have time try taking a month off from Facebook or tv.

I own several single family homes that make money but Mark Anthon is right. To invest well you need to invest intentionally. Take one month and research and analyze 3 deals per day. At the end of the month you should have a good feel for what a good deal is. After that take action and make a decision. Your first house may not be your best but you will learn a ton. If your single I'd buy one and house hack (rent out a room). If you have a family I'd buy it with the intent of moving in one year. Don't let you or your spouse fall into the trap of "If we are buying it it has to be perfect." If your really serious read a real estate book a week to add to your knowledge during your month of prep. If you don't have time try taking a month off from Facebook or tv.

Hey @Wynn Taylor . House hacking a single family home isn't a bad move at all! Just evaluate what you can rent it for when you move out and make sure those numbers make sense. Live in it for a year so that you're acquiring a single family home investment for only 5% down and in a year, move to another one!