As a beginning investor, you may want to start with a property that requires minimal repairs and has a lower price point. Here are some types of homes to consider:
- Single-family homes: Single-family homes are typically the most common type of residential investment property. They are relatively easy to manage, and you can rent them out to families or individuals.
- Duplexes or triplexes: A duplex or triplex can be a good investment option as you can live in one unit and rent out the others. This way, you can have some income coming in to help pay your mortgage while you build equity.
- Condos: Condos can be a good investment option as they require less maintenance than a single-family home, and they typically have lower purchase prices.
- Townhouses: Townhouses are typically cheaper than single-family homes, and they require less maintenance as the homeowners’ association often takes care of exterior maintenance.
- Fixer-uppers: If you are handy and willing to put in the work, fixer-uppers can be a great way to get a lower-priced property that you can add value to.
Ultimately, the type of property you choose will depend on your budget, your goals, and your experience as an investor. It’s important to do your research, evaluate the market, and work with a knowledgeable real estate agent to help you find the right property.
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