Basics of Investing

Archive for January, 2010

Question: Buying my first real estate property?

Hi. I’m getting ready to by my first residential real estate property. However, I had two questions. I’m looking for a long term investment that will generate a nice stable cash flow, do you think it would be best to purchase a single unit home, a 2 to 4 unit complex or a property unit of more than 6? ?? Also, should I focus on breaking even and continuing to work full-time or quiting my current job and trying to make a profit?? Thanks for all the help!!!

Answer: If you are going to landlord yourself, get a multiple unit place. If you buy a quadplex and live in it yourself, it might be very easy to manage.

Continue with your full time job unless it is very time restrictive or money is very low. It is very difficult to get good investment loans if you are self-employed, so advise you to continue working and quit when you make a good income from RE.

Usually, there are many variables for cash flow: repairs, damage, evictions. So good luck!

Join a local investment group too.

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