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Updated about 10 years ago,
Crazy idea or good idea?
Hi everyone! I'm new to real estate and BP. I'd love to hear your opinions about this....
First, let me set the stage.
My boyfriend and I live in Fresno, CA. We both have solid full time jobs in construction - I build elevators and he's a plumber - with no intention of leaving our positions anytime soon. My credit is excellent and his is above average. We have minimal debt and an emergency fund established.
We are interested in long term buy and hold multiple family properties as passive income for retirement. Given that our first loan via traditional financing methods will probably be the best deal from the banks we will ever be able to get, is it a good idea to go big on our first purchase? By "go big" I mean a 10-20 unit, maybe bigger, rental property.
The logical part of my brain says this is a good idea, but it is definitely a nerve wracking way to start investing given the multitude of ways this could go horribly wrong.
What are your thoughts?