Seeking Advice for First Real Estate Investment: Starting with My Retired Mother

[Stanley Clervil]

Hello everyone,

I’m excited to be stepping into real estate investing but could use some advice regarding my unique situation. My mother, who’s about to retire, has decided to move from Queens, New York, to New Rochelle—a location that truly appeals to her. Initially, I was planning to enter the South Carolina market for my first investment property. However, considering my mother doesn’t own any real estate, it doesn’t make sense to let her rent.

Given her retirement income (Social Security and pension), I believe it’s the right time to start investing by purchasing a property for her. This would not only meet her housing needs but also serve as the foundation of my real estate portfolio. I’m currently exploring condos as the ideal property type, especially since I don’t live in New York. My mother’s income seems sufficient to cover the costs, just as it would for any investment property.

The challenge is that I’m new to real estate financing and need guidance on how to proceed. Specifically, I’d like to understand:

• The best financing options for someone starting out in real estate investment.
• Whether condos are a suitable choice for this situation.
• Any tips on balancing the dual goals of supporting my mother while building a portfolio.

I’d greatly appreciate any insights or experiences you could share to help me navigate this process. Thanks in advance for your input!