Best advice for new investors on their first purchase

[Sarah Nation]

As a newbie to real estate investing, I would love to hear from experienced real estate investors on their best advice for people starting out on this journey. My goal is to buy my first house hack in the DFW area by the end of the year. If you could go back and time and give yourself advice on your first investment property, what would it be? What was your first investment like? What types of mistakes did you make, and how could they have been avoided?

[Al Williamson]

If I had to go back to 1996 when I started, I would do the same thing - get a small multifamily and live in one of the units.

One thing I'd change is that I'd operate on of the units as a short-term rental/corporate rental.

The technology wasn't around then, but it sure is available now. 

Getting a rental is great, but operating it as a conventional landlord is just one option you have. Conventional landlording is the least profitable way to operate a rental. Corporate housing is the most profitable way ... and there are lots of modes in between.

So @Sarah Nation stay open to the MANY options you have as a property owner. Don't fall into operating as if the interment doesn't exist unless you chose to do so.

Best to you.