I'm 30 with a family of four, just bought my first primary home this year.

Understand Prepayment Penalties: Review the terms of your existing loan for details on the prepayment penalty.

As a general rule I like to buy the worst house in an area and make it one of the best.

@Sam Huang the title of your post says you are a wise and successful person.

Investors base their purchases on potential, but appraisers base their numbers purely on formulas and comps.

I’m a Colorado commercial insurance broker and have a lot of carriers available in my agency.  

I recommend starting small and looking for turnkey properties to minimize the stress of managing rehabs.

I think Chris makes a good point of determining the strategy - performing 1st position notes is always a safe "dipping toes in the water" type of note to go with. 

Hey BP, Im curious on what some of you would say as the better route to go and why.I'm at a crossroads between:Starting and focusing on New construction for single-family houses to eventually get into being able to build small to medium editions as a long-term goal.

Great episode with Florida commercial real estate developer Joshua Pardue! Check it out on Spotify