Hello BP Community,
My boyfriend & I are actively looking for our first investment property, specifically a small multi-unit home to house hack. We have spent the last year educating ourselves, practicing property analysis, doing market research, getting required documents & forms prepared, etc. Recently, we have been thinking of what our strategy will be going forward after we purchase our first property & get ready for the second. Our goal is to be financially independent in 10-15 years & solely work on our properties.
We were wondering to hear how other investors got started & what strategies (debt snowball, trade-up, short-term/long-term hold, BRRRR, etc.) have you taken to grow your portfolios? Also, are there any tips or advice you would give to someone just starting out? 🤓
Thank you for your time & input. We greatly appreciate!!
Welcome to BP. All your strategies are proven methods, just have to pick the one for you.
My advice, analyze a market or property for each strategy to see how it works for you. For example, look at this duplex and see how you could make it work for you (live in one side & rent out other/ do short term rentals/ etc).262 Greene St, Augusta, GA 30901
Hey Karla. Congratulations on wanting to get started in real estate! The great news is that everyone can find a different way to become successful in real estate. Unfortunately, that is the hard part also. This means that there is not specific step by step actions that are laid out for you to follow. My best advice would be to pick a strategy, learn as much as you can about it and stick with it. Being successful in real estate does not happen over night.