Need advice on taking my first step in Real Estate Investing

[Syed Ahme]

Hello BP Community,

First of all thanks to BP for creating such an amazing platform where all real estate enthusiasts can learn and connect. I live in Charlotte, NC and looking to first invest locally. I'm looking to first start off with a potential rent generating property to add to my rental portfolio. I am very new to real estate investing and I would like as much advice or resources as possible.

I'm planning on investing in a town house within a close proximity to university and schools so that I can get to rent it out easily. I have a decent and stable job but as my first project I want to start off with something small and that's why I'm thinking of a town home instead of SFH. Since I'm currently living in an apartment so I want to move into a town home of my own and start looking for an opportunity to rent it out. Once I rent this one out, I will buy another town home or SFH. Move-in and then out once I'm comfortably able to rent the second one. I want to follow this strategy until I add a couple to my portfolio. As a newbie is this a recommended approach? Is starting of with a town house a wise approach? Has anyone at BP followed a similar or a different path to achieve the same goal?

What are the key aspects in terms of analysis and inspection of a property with a motive of renting out in the near future? - applying to both town house and SFH.

Finally, how and where can I know whether there's a real estate meetup group in my locality?

Looking forward to hear and connect with my fellow BPs.

Thanks & Regards,

Syed Ahmed

[Jake Oreskovich]

Syed, I agree with @Melissa N. on the town home. If you have the option I would go for a single family home. From my experience they seem to rent easier than everything else. What you are doing is exactly how I built my business.

Have you considered a duplex? When I was brand new I was able to purchase a duplex with an FHA mortgage. Yes, it was difficult but it was an awesome investment for me. With the duplex I was able to live in one side and rent the other which generated a small $100 monthly profit for me. However, the important part is that I learned to become a landlord in a very low risk situation. It's easy to do maintenance, collect rent or even revamp a unit if you live in the same building! The duplex was how I learned to be a landlord.

This may or may not be possible for you at the moment, but just thought I'd throw it out there for you to ponder.