im just getting started in real estate investing. Im looking for rental properties in the scranton area. There are several single family homes that need some work that i was looking at. Should i hold off and get a duplex or triplex, or start off investing in a single family home to get my feet wet?
I'm fairly new to the community. I've found that doing something is better than nothing. In other words if you have an opportunity at a deal do it. My opinion is the first deal is the hardest don't talk yourself out of it . Do it !! Welcome
No one here can tell you what's "best" for you. It totally depends on your personal goals, your experience, resources and willingness to work. Can you tell us more about those things, maybe we can give you better, more specific advice.
Hi @Ryan Knott , welcome and good luck to you!
For investors starting out, a lot of folks like the concept of house-hacking. Depending on your available funds and goals, you can start with that, and the money saved from someone else paying your mortgage can be allocated to the next deal.
Ultimately I would tell you that some goal-setting, planning, and forecasting is paramount to any investment you get involved in. What is your goal? How will you achieve it? I say this all the time, but figuring out the goal and then working your way back into it is probably the best way to determine your next course of action. Be conservative of your numbers to find the best possible deal as well.
Thank you all for answering and sharing your advice. Long term goal is to be financially independent on the cash flow i get from the properties. My first year goal is too at least have one if not two rental units that are cash flowing properly, and then each year after i would like to add at least 1-2 properties too my portfolio. I went to technical school for masonry, and i worked with a large construction company through out high school. Im fairly knowledgeable when it comes too plumbing/electrical/carpentry. During high school i worked 50 hours a week along, and im actually working 70 hours a week currently. I opened my own Landscaping LLC last year, and ive really never looked back since. On my commutes too and from work i listen to BiggerPockets Podcast and The MFCEO project podcast. Also i read 3-5 buisness books per month.
@Ryan Knott sounds like you work a ton - 70 hours a week is a long time. Given your available time I would imagine that house hacking is best for you since you would be present at the property. Its awesome that you have the experience on construction work as that will no doubt serve you well.
If you have the available funds (3.5%-25% of a down payment) I would start looking for multi-unit properties to live in and rent out other units. Ideally the rent from the other units covers your monthly mortgage costs, and hopefully other expenses as well, but every area and deal is different.
I would then do a secondary exercise on how much money you can save each month (regular savings, saved mortgage payments, etc.) to determine how long it would be before your next down payment on an investment deal. This should give you some sense of if your plan aligns with your goal.
I am pretty busy, but anymore it just seems normal. I really like your advice on saving and seeing how much it will take too get into my next investment. I actually have a steady living situation right now. So ideally i would like both streams of income.
@Ryan Knott - what are your investment goals? why are you getting started in real estate? A clear direction will help guide you on the next step.
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