Where should I start?

Question

So I ha e a lot to go o er I will try to be as detailed as I can. I am looking to buy my first  property with the Hopes of getting into real estate investing over the next few years. With my current budget I am having trouble finding a house that meets my criteria witch is mainly 2 bed 2 bath. The market is kind of dry where I am at right now. However I have found a couple of condos well inside my budget. I want to bed and 2 bath so that I can Airbnb or rent the spare to cover some if bot most of the payment. Then save over the next year or so move the condo into a full on rental and buy something that I would like a bit more. I an wondering if this is a food idea of not are condos a good place to start or are they a bad investment, and should I wait and keep looking for a house?

Jesse Easter · Answer

@Twana Rasoul that's kind of how it feel and I keep thinking ig I can't get everything I want then just get the most important things. Which is 2b2b so I can Airbnb the spare room and pay it down quicker and go after my next property.

Twana Rasoul · Answer

@Jesse Easter nothing wrong with starting with what you can. Those who start and get going are better off usually than those that always think about it and always find an excuse not to.

Jerel Davis · Answer

https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

Ian Walsh · Answer

Figure out what your end goals are and work backwards from there.

Joe Aiola · Answer

@Jesse Easter I meant to make sure that the building allows rentals. Some don't allow it and some have rental rules (can only rent for X amount of time, have to live in for X amount of years before renting, rental fees, etc.)

Jesse Easter · Answer

@Joe Aiola the condo is right across the street from a major university and not even 10 minutes from 2 large hospitals and down town. I think renting it would be pretty easy.

Jesse Easter · Answer

@Stone Saathoff So what would your sort of definition be on over extended? I only ask because currently I am living with my parents and I need to change that and I don't really want to rent because it is a waste of money I think. The main condo i am looking at is inside of my price range and it is literally across the street from a major university so renting it out later would not be an issue I don't think. Also Airbnb would work well too being that close to a university and downtown area.

Stone Saathoff · Answer

Condos CAN be a decent investment property. Some people aren't big fans of having a HOA.

If capital is an issue I would definitely suggest saving up a bit more before you start.

For my market ( San Antonio, TX ) I typically suggest people having 25-30K in the bank before they seriously consider locking up a deal. You don't want to end up being overextended on your first deal.

Joe Aiola · Answer

@Jesse Easter Congrats on getting started! Like everything else, there are pros and cons with condos. Some investors don't like them because of the HOA fees and the changing rules, while other investors like them because they are a little more passive.

If you're brand new to real estate then I would suggest continuing to grow your capital while you learn - this will only put you in a better position to buy. I don't think there's anything wrong with starting with a condo, but just make sure you can rent it out. Your first deal doesn't need to be a home run.

Best of luck!

Jesse Easter · Answer

@Jerel Davis right on thanks man I am kinda new here still learning about all of this. Looks like a perfect book for me to read.

Where should I start?

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