My First Investment - Need Advice

[Jason Yablinsky]

Hello.

My name is Jason and I'm going to be purchasing an investment property within the next couple of months. I wanted to get some advice on what type of property will best fit my needs. I am looking at single family homes, townhomes, and multi-family homes. What are the pros/cons of each? I'm leaning toward single dwelling townhomes as a strategy. I'd guess they are easy to rent and the maintenance is low because of the townhome community fee. I'm new to this so I'm sure there are reasons why some types are better than others that I'm not aware of. Any help is greatly appreciated!

Also, is there somewhere on this site where I can find someone in my area I can sit down with for advice? Thanks in advance.

Jason

[Bill Patterson]

Hi Jason and welcome to Bigger Pockets! Single family rentals are a good place to start. You just need to make sure that you can find one that makes financial sense! Maybe look at an REO or short sale that you can get for a good price. First thing you need to do is research rental rates and from that you can figure what you can pay for a unit and make money. If you are in the SW Michigan market, I'd be glad to sit down with you! Not much chance, though, since BP members are from all over!

You can also search for existing threads that go into lots of detail in analyzing an investment of most any type!
Good Luck,
Bill