What's the best/Inexpensive way to get started investing in real estate? My idea is to rent out condos
It really depends on your area and rental market. There are plenty of good things about renting out condos (i.e. no outdoor maintenance) but there are plenty of cons as well (i.e. dealing with condo associations). My first rental was a condo and it has been a great investment. Compare sale prices of condos, single family, and duplexes and then take a look at the average rents for those types of homes-this can give you an idea of your return on your investment. The return is going to be what tells you what will be good type of property to invest in.
@Latravous Mattox - The best and most inexpensive way to start investing in RE - If you haven't already done so, buy a house for you to live in. There are some great loan programs with very little required out of pocket. I bought my first house about 6 months out of college. Lived there for almost 5 years and sold it for about $10,000 profit. Doesn't sound like much, but it was low risk since our payments were about the same as what we would have been paying in rent.
If you want to take this to the next level - buy a fixer (for you to live in) and get it at a good price. Do the rehab and enjoy living in it. Then get a HELOC on your equity and use that to start flipping houses.
Hello! There are so many different (and successful ways to invest in real estate). I would suggest before you jump into "figuring out a real estate niche" - I would suggest take some time to do some goal setting and take a "self - inventory." Let me explain....so many people new to the business simply jump in to investing before they are clear on what their goals are, what their purpose with investing is, and what is their "WHY" for wanting to invest. I would also suggest take a self-inventory - what are your strengths, skills, and experience? What are you willing to bring to the table? Each real estate niche needs a different set of skills and talent. You don't have to have all the skills and talent for any one niche. That is where a team comes into play! Lastly, I would also suggest that you learn a bit about each real estate niche and then begin to research the area you want to invest in…. that way you can begin to determine which niches would work well in your area. Part of the research could be taking some successful investors in your area out to lunch or coffee. Successful people in the business love to share how they got started and they typically love to help people. Hope these suggestions help! Good luck!!
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