Charlotte Income Producing properties

[Gage Foley]

Advice for small portfolio property investors for rentals and commercial, pros/cons.

Bought my first rental at 19 and currently in class for my Provisional Brokers license working toward my full license after my post licensing courses. The rental is a 2 bed 2 bath condominium for $175,000 overlooking Lake Norman with the surrounding condos with same layout going for 210k. Condo needs TLC, paint, trim, a little updating, etc. I was approved for a FHA loan requiring only 3.5% down, will be living in one room and renting out other. Want to eventually take out a HELOC to use as a possible down payment on another income producing property. Want to eventually work my way into investing in offices, apartment complexes, shopping centers etc. Any advice or tips for my goal and path is much appreciated.

[Chris T.]

Congrats! @Gage Foley (and @Wojciech M.) on your first property! 

As for any advice, talk to as many other investors as you can.  That is a little tougher in the current environment, but the success stories people post here on BP are great as well.  Listen to their stories and the path that they have taken.  Everyone's path is different, but from them you can start to get a plan for your own that fits your strengths.  Some people are great with rehab, others are great with raising money and findings partners, etc.  The more you hear what others are doing, the more focused you can become with yours.

Also, remember that real estate investing is not a get rich quick endeavor.  It is more like a snow ball rolling down hill.  Slow at first but once it gets going, it keeps getting bigger and quicker.  You have your first property, so your snow ball is already rolling!  Starting at 19 means your snow ball has a long hill in front of it!

Best of luck (to both of you)!