Hey @Michael Darten ,
Great to hear you've completed one of the first steps in acquiring your first property.
My first investment was a bit of a fixer-upper. It was a single-family I bought at a good time (2010) and I was banking on appreciation. I DO NOT suggest you follow my steps and I'm sure the BP community would agree with that. I lost a ton of money but learned a lot.
What I would have done was purchase a multi-family property to lower my living expenses and even earn income. The appreciation would be a bonus.
Best of luck to you!
First 1, first 10 for that matter, were dirty/stinky/dark/dank houses that “people wouldn’t want to live in”.
New flooring, paint, bright lights, some landscaping, occasionally new appliance or two. (Currently switching all failing appliances to stainless, no repairs), A new fridge or washer/dryer can make all the difference to a tenant looking for a place to live. Put up for rent and in 10 years I once had a property sit vacant for 2 weeks because it needed so much work before I would show it. 2nd worst/average is probably 3-5 days for a new lease with 5-10 day move in.
Originally posted by @Michael Darten :
Hello BP family ! I’v been approved for a sweet private funding here in my local area of Las Vegas and I’m ready to invest ! On your first investment property did you chose a turn key or fix and flip?
Units, units, units
Find multiple unit properties and buy them.
House hack if possible.
@Stephanie P. i’v been looking into house hacking and it seems like the best option for me starting off . Somewhat risky but I’m ready to just dive in!!