Old timer said property won’t cash flow
So I started mowing lawns for extra money to put down on my first rental. One of my 75 year old customers and I got to talking and I found out he was a real estate investor. I shared my plans of being a real estate investor and he saw my interest. The next week( today) he invited me inside and we spoke for 2 hours about real estate and his story. He has done everything from development to single family and everything in between. He still owned many properties. He didn’t tell me how many but it sounded like a lot.... long story short, he wants to help me find and guid me through my first deal. The only thing he said that I am questioning is a single family will not cash flow the first couple of years until the rents increase. He was adamant about this. Everything I’ve heard in bigger pockets is saying you can and should only buy cash flowing properties.... my question is, should I take advice from him on single family rentals or should I look for someone else for mentor ship?
Ps I live in Albuquerque nm the
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I invest in Albuquerque too. I have never been interested in SFR, all my investments are 4-plexes and larger.
Mark has some good guidelines, but be careful about the location and age of the property. Repairs can quickly eat your profits.
Let me know if you want to chat more.