I live in a rural area and right now the market is hot. I became a realtor almost a year ago to go along with my auction business. My goal is to eventually own some rental properties. I am absorbing and learning everything I can. Each part of the industry is fascinating. I have trouble on figuring out what I should focus on with 50k to start investing. Single family for appreciation, single family for a rental, duplex, fix and flip.....Where to begin the journey? Thank you
Hey Wes, welcome to BP!
I'd start off with a multi-family rental property. You'll have all your expenses under 1 roof and you'll have multiple tenants paying off your mortgage. With single-family rental property, you'll have to rely on just 1 source of income.
As a realtor, you can use MLS access to get to deals as soon as they hit the market or even look for off-market leads.
I'm not sure what your living situation is like but you also have the option of house-hacking a multi-family property. This will allow you to get your investing career started with a low down payment, lower your current living expenses (or live for free!), gain property management experience AND gain acquisition experience!
Best of luck to you!
Hello Abel, I appreciate your reply. Multi-family seems to be the direction I am heading. Learning all the math behind the deal makes me believe I need at least 4 doors if not 6 to make the payments and pocket some cash.
Thanks for the vote!
@Wes Hudson Wherever you want to invest for the long term, start there today.
If you want to have 300 SFH rentals - buy a house and rent it.
If you want to flip 10 houses a month - start flipping houses.
If you want to own apartments - buy multifamily.
I think it is most important to pick a focus and then master the niche/vertical. Having an expertise will put you in a position for long term success.
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