Quicker way to financial freedom?

Question

Hi BP,

I'm thinking that my first property will be a 2-4 unit. But after I purchase this property, I'm going to have a decision to make. Do I take the time to save up for a medium sized multifamily apartment complex (20+ units) or do I continue to buy small MF 2-4 units? If you were starting out what would route would you choose given your own personal advantages?

Andy

Will Fraser · Answer

Hey Account Closed!  This is a solid question and there are about 435 different ways you could go.  As much as possible I'd recommend getting really clear on your goals in life and how real estate fits into those, and then iterate from there.

If you are buying at a distance (specifically you're not moving from house to house and collecting houses as you go) then it would be a great simplifying factor to buyer AN asset or two with many doors, but there are other ways you could structure it so that small multis are the way to go.

So, back to the root . . . what do you want to accomplish in life, and what role does real estate investing play in that?

Account Closed · Answer

Thank you @Will Fraser. My goal is to bring in enough cashflow from my investment properties (around $50,000-$100,000) so that I go part time/per diem in my W2 job and dedicate the newly acquired time to starting a short term vacation rental business. Any thoughts?