Been saving up for awhile to get started investing. Wondering if anybody had any advice on best type of investing for a newbie to get his feet wet?
Buy as many doors as you can right out the gate! Find a duplex, triplex, or quad. I am assuming you live in a market where 40k might get you a property like this and if not think about investing at a distance. Also think about syndication and putting your 40k to work in an operators deal! Good luck, let us know what you decide to do!
@Stephen Akindona I am in Idaho and new to the market. Looking for cash flow first to get myself established. But will look into what your suggestions are as I’m new and not sure what syndication is.
There are numerous options! It's best to start by figuring out what your goals are and the timeline. Then, what else do you have at your disposal? Then work backward. There are numerous ways to invest. Single families through large multis, self storage, mobile home parks, land, lease options, on and on.
@Richard Young I really believe that "house hacking" is such a great way for a new investor to get started. Get yourself an FHA loan for 3.5% and buy a small (2-4 unit) multi family property. Live in one unit and rent the others out. Get paid to live for free as your tenants pay down your mortgage. If your market in Idaho has a lower price point you may even have enough cash left over to buy a single family house once you close on the multi family. Like @Stephen Akindona said...buy as many doors as you can right out the gate. I think this could be a good strategy to get you rollin!
@Richard Young where in idaho are you located and where do you want to invest?