Where is the best place to start?

[Michael Y.]

Hi All, 

Hope everyone is staying healthy and safe during this crazy time. I have been learning for close to a year now, and really looking to purchase my first real estate investment property soon. Where would you recommend to start? Single family? condo? duplex? 

I recently found a single family home near my home that I think could be a great opportunity. Purchase price I think I can get down to $75k and comps in the area support a $220k ARV, and could even go higher. After running the numbers; 15% down payment, rehab, holding cost, selling cost, etc I would be out of pocket around $110k plus mortgage amount (rehab being a vast majority of that). While that is possible for me, I still think that is a lot of cash to be out of the pocket on the first investment property. I don't necessarily want to take out a HM loan as I have the dollars to do it myself, and would seem like an unnecessary added expense.

How would you recommend that I start my real estate investment journey? Am i just being nervous, or should I start smaller, and if so how?