Single Family or Apartments? First investment suggestions please

[Bridget Scileppi]

My husband and I are new to investing  in Michigan and appreciate all feedback.  I am in the gaining knowledge phase and  would love to hear what you invested in first - apartment building or single home? Why? 

[Drew Brown]

@Bridget Scileppi my first deal was 2 mobile homes on private land bought with the parks. These deals have the advantages of low cost barrier to entry but have a moat around them because for most mobile homes not in parks financing is a bit trickier to come by. Scrubbed around and found some private financing for the remainder that I wasn’t covering. All in price was $45k and the monthly income is $1250, even with expenses, capex, debit  cost, taxes, Andy insurance I net $600 a month for both trailers. From there I bought a 4 unit and now looking to scale a bit larger from there. 

Hope to purchase either more mobile homes, mobile home park, ACF, or multi family. Living in rural Michigan you have to be willing to be flexible and willing to put the work into learn how to crunch the #’s, then actually crunch the numbers and lastly to actually learn how to manage the different type of properties.

If you ever have any other questions please let me know I would be happy to meet up and talk about real estate.

Thank you,

Drew