What is the best way to form a handful of exit strategy's ?

Question

Okay so I am new on bigger pockets. I am sorry there is no profile picture, i tried to add a picture and there are some technical issues. Anyways one of my main goals is to get into rental property , multi family. I want to stick to the buy and hold strategy. I don't mind it being for section 8 or low income assistance. I also don't mind it being regular income people who rent. This would be my first investment purchase. My main thing is wanting to have several back up plans in place in case i need to bail. Any good ideas ?  Thank you for your time, i will be responding !

Alan E. · Answer

@Patti Robertson

Great advice, any tips on how to find buy and hold properties which will make good investments? What metrics do you use when deciding to buy a property?

Patti Robertson · Answer

Hi @Cody James Phillips.  I do all RE strategies and buy and hold is the easiest to start, in my humble opinion.  Most investors try to start as a wholesaler and it takes a long time and a lot of effort to find a property that has enough money in the deal for both the wholesaler and the investor they pass to that most people get discouraged and drop out of the game before they even start.  Buy and hold is a long term strategy to create wealth, not necessarily short term income.

The first step to becoming a buy and hold investors is to get your plan in place for how much you can afford to spend and how you will finance. As long as you do that first, there should be no “need to bail”, unless you find something wrong with the property during your inspection period. Personally I don’t even care about the current tenant as long as the lease is not too long term.  I can always change that if it’s a great property.

I sense a bit of fear in your post.  I would suggest you go to your local investor meeting and look for the peeps with grey hair.  Find an old timer landlord and ask if they would be willing to take you under their wing to help guide you through your first few years.  They are generally very flattered, have time to spare, and enjoy an opportunity to meet for coffee, breakfast or lunch. I have developed some great friendships among my older landlord friends.

Good luck.  You can do this!