What To Buy When Starting Out and Why?
My best recommendation for purchasing an investment property is a multi-family owner occupied home!
Why?
You are living for free or pretty close to it.
You get the real hands on feeling of being an investor.
There is no real need for a property manager as you are right there.
You will only need a very low down payment.
You can go FHA and purchase a four family owner occupied unit.
It is much easier to do the work when you are right there.
It couldn't be much easier to collect the rent.
You can always move out after a year and purchase another and your rent on a four unit will be much higher than on a single.
Comments (2)
I can see the financial upside, can anyone who's actually done this speak to the relationships? I know for me starting eviction, for example, on a neighbor in the same building would be difficult. I think I would worry about them retaliating by keying my car or something. I know screening tenants is important, but realistically, how do you handle something gone bad when you're living in the same building?
Kate Stallmann, over 10 years ago
Yes. I agree with this as a great entry strategy into investment properties.
Nancy Brook, over 10 years ago