Hi Ella, welcome aboard,Your post about your real estate ambitions, encompassing the purchase, renovation, and sale of properties, as well as the ownership of Airbnb rentals, is indeed an exciting endeavor.

I'm looking to purchase my first property with my fiancé (both 25) with the goal being to establish our primary residence together, as well as giving me the opportunity to add equity/value via rehab before moving on and converting the property into a rental within a year or so to kickstart an investment portfolio.An interesting lead that recently came up is my parent's neighbor's house.

Purchase price is $210,000.

This implies that if I had confidence of better than normal appreciation or ways to add value, I would purchase a negative cash flow property.  

The expansion of ADUs hence serves a dual purpose, simultaneously addressing housing affordability concerns and nurturing the urban economic vitality.As far as sewer and water, they would be pulled off the main in the back of the property.

Purchase price: $640,000 Cash invested: $220,000 Purchase price $640,000Got it at this price because there is a non-paying tenant in unit 2 (rent value $3,500), we're in court Rehab $60,000All in cash (rehab plus down payment) $217,500Rehab included ground level basement and 2 parking spot drivewayMonthly cash flow $1,500 ARV $950,000Equity $470,000Refi cash out (August 2024) $150,000 (used to buy new rental)New monthly cash flow breaking even (non-paying tenant still in unit 2)New equity about $200,000

Sadly, I might have to wait until early 2025 for #5, as my funds have dwindled from purchasing 1-4.

Diversifying geographically can also reduce risk and increase long-term returns.For example, there are several markets across the U.S. that are ideal for new investors because they offer affordable entry points, reliable cash flow, and strong economic fundamentals.

@Kristian Forbes Short of doing another house hack or negotiating the purchase price down a fair amount, I think that's going to be a tough one to make the numbers work.

The seller purchased the property to do a favor for someone and the person died.