Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago on . Most recent reply

User Stats

186
Posts
98
Votes
MarieChele Porter
  • San Francisco, CA
98
Votes |
186
Posts

New and want to jump in!

MarieChele Porter
  • San Francisco, CA
Posted

Hi everyone!

I am brand new to BiggerPockets and excited to be here it seems like everyone here seriously wants bigger pockets and are very knowledgeable! Now that that's over let's get to the good stuff!!!! 

I have been saving money for a little while and would like to invest in my first property for rent. At first I was thinking of starting off with a single family home, however after checking out some forums maybe multi-family (at least a duplex) is the way to go?... Here's the thing I have about 20k that I can comfortably use as a down payment and don't know where to begin looking for real estate. Well, actually I know that I can not afford here in California where I live, and have been checking out places in Indianapolis, Indiana. Indiana seems to have prices in the range that I can afford for single family homes, but I haven't even began the research for multi-family homes! 

As far as an FHA loan these can be used for purchase of investment property as long as I live on site in one of the units correct?

If anyone has advice on whether to go for the single-family vs. multi-family homes and what states and/or cities would be good to look in for a first investment property that would be greatly appreciated!!!!!

Thank you!

  • MarieChele Porter
  • Most Popular Reply

    User Stats

    80
    Posts
    82
    Votes
    Aaron B.
    • Investor
    • Indianapolis, IN
    82
    Votes |
    80
    Posts
    Aaron B.
    • Investor
    • Indianapolis, IN
    Replied

    @MarieChele Porter, Welcome to BP.  You cover a lot of ground in your post and each question you ask is a great question to consider. My recommendation would be to take a deep breath and begin your education.  I started my education and found the more I learned the more I found I did not know.  To help, BP has some great educational tools, and most are free. I really enjoy the pod casts, webinars, and blogs.  Additionally, read read read there are great books available on the RE topic.  

    To address your question there are both pros and cons to SFH and multi family. I have read some fantastic debates on those two asset classes in the forums. Do a quick search and you will have reading for days. If you're interested in the Indy market you should really come and visit, however, I would suggest you take time to educate yourself in order to get the most out of the trip.

    Generally speaking you need to be very cautious if you plan to purchases duplexs - quads in Indianapolis. Those types of properties tend to be in less desirable areas and have the associated problems with being located in those areas. That is not to say all duplexs - quads are bad but caution and really understanding the Indy market is required.  I have spent the last five months driving Indy extensively and now understand that I really didn't understand the complexities.  

    I would be happy to chat your off to a great start by asking the questions.  Feel free tomPM me. I am always happy to provide my lay persons assessment. I am by no means an expert and there are others far more knowledgeable on Indianapolis.  In any case welcome to BP! 

    Loading replies...