Should I go big or go home?

[Shane Albert]

I am looking for a little bit of guidance and may have come to the right place. I have been in search of my first investment property for about 8 months. I had an amazing deal lined up on a four unit that fell through two days before closing when the seller backed out. I licked my wounds and moved on to finish my person renovation and get that done all while unsuccessfully looking for another deal. As I look for deals I find my interests scattered anywhere from Duplexes to medium sized apartment buildings. In my smaller Northwest Illinois local market, duplexes are everywhere and a few apartments scattered here and there. The income and hands off property management options turn me on to the bigger units. But the price tag and quantity of local smaller units appeal as well. My end goal is become financially independent as soon as possible. I bring home 31K a year at a job I can’t stand. I have an inheritance to help with a down payment but think I may need to partner with some experienced personnel in order to take on a larger building. Anyone ever been in my shoes or have some insight on the best route for me to start? Sometime I feel like I should shoot for the moon, other days my conservative side says to start small and work my way up.

[Michael Dang]

I don't have advice for your personal situation but I will share that I've faced the same challenge.  In my specific case, I decided to target commercial medium sized apartments.  Haven't closed on one yet.  However, I do know that nothing is hands-off because you still have to asset manage the property.  

There are a few podcasts that share similar stories.  Find and listen to some of those episodes which may resonate with your current situation.  

A few are:  Jake & Gino - Wheel Barrel Profits

Best RE Investing Advice with Joe Fairless

Pillars of Wealth Creation with Todd Dexheimer

Old Capital Podcast

This isn't a complete list but a few to get started.  Welcome to BP and hope it helps!