Single family? Multi? Turnkey? Advice for newcomer

[Joshua Engemann]

What is your best advice for a first investor? Should I lean towards single family, multi family? I don't know much about what a turn key actually is other than it's already rehabbed and ready to go, is that something really beneficial to a REI newcomer? I do plan on hiring a property manager for what ever I do decide on.

[Mike D'Arrigo]

@Joshua

@Joshua Engemann some of this depends on the market. Some markets are better for MF than others. I love the Indianapolis market for instance  but with rare exception won't do anything with MF there. Most are in very low end rough neighborhoods. We've had more success with MF in Kansas City so know your market. Like @James Wise says, there are pros and cons to both. In general, SF tend to have less problems so in that regard might be better for first time investors. I may be a little biased since I sell turn key properties but turn key can be a good way for the first time investor. By working with the right turn key company, you can reduce your risk since you're not managing the rehab which is the most difficult part, especially if you're out of state. If you go the turn key route make sure that you're not overpaying though. I've done some podcasts on working with turn key companies. You can find them on my website. Look for the 10/7/2015 and 12/7/2015 episodes.