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Updated 3 days ago on . Most recent reply
New Investor - Next Step ?
I am a new investor, student athlete at Michigan State so invest locally in Lansing. I'm currently house hacking and renting by the room on Airbnb. This strategy has proven to be way more effective than I thought previously with a couple hundred dollars in true cash flow (Cap Ex - Maintenence included) while living in one of the rooms. I'm at the point or will be very soon when I have enough money to start looking at next deals, I'm not sure whether I should look for another opportunity like this or start moving towards smaller multi family. Any suggestions or tips for how I can figure out what to do next would be very much appreciated.
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#1 Medium-Term Rentals Contributor
- Rental Property Investor
- Arlington, TX
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#1 Medium-Term Rentals Contributor
- Rental Property Investor
- Arlington, TX
First off, congrats on renting by the room on Airbnb. My wife and I did that with our first property and were quickly able to scale into more units. I would look at small multi-family units because you still get the low down payment if you move in, and you already understand the process of short-term rentals, so you could turn your next deal into 2-4 more STRs/MTRs, which could catapult your cash flow and portfolio. Good luck to you!