First Rental Property

[Isaiah Tucker]

I’m currently saving $50,000 for my first rental property. While saving I’m looking at the market and neighborhoods and trying to learn as much as I can. Is it smarter to buy a fixer upper or should I buy a home that is ready to live in?

[Kevin Hoodwin]

Awesome!  The best time to plant a tree was twenty years ago, the second best time to plant a tree is now.  I'd suggest getting started as soon as you're ready.  Like what @Sean T. said, learn, learn, learn!  It's not just about knowing what to do in real estate, it's also about knowing who you are and what you stand for.  When you're further down the road, you'll find some aspect of the industry that just clicks with you, that's when you'll niche down and really accelerate to success.

Now, regarding your question. I have two answers: if you have money that you would ABSOLUTELY not miss if it went missing, I'd suggest buying a fixer upper to learn the ropes, potentially even partner with someone on BiggerPockets or your local REIA; if you need a more secure investment and you don't want to risk your money for the learning experience, I'd suggest buying your turnkey property. Either way, you're getting your feet wet and getting started, it's more a question of how deep you want to go on your first swim.

Good luck and keep us posted!