I have about 200,000 to start invetsing with and I am not sure what would be the best starting move. I have heard purchasing a 6-8 multi unit apartment is my best choice. Any comments or alternatives. Any suggestions are greatly appreciated
That’s awesome that you have money to invest in real estate. . .my husband & I have been successful so far with our investments & we only started 5 years ago!
Questions: Do you have property management experience? If not, you have some homework to do–learning how to pick good tenants, keep them happy, take care of repairs/fix up, etc. So, you may need to hire a property manager–good ones are hard to find. . . You also need a good, creative lender who can help to find the best financing for your goals. Other members of your team should be a realtor who specializes in investor properties, an attorney to help you set up a corporation or trust for you properties & an accountant to help you set up books, manage the cash flow & preparet for taxes (and tax savings!)
Best of luck
Have you thought about looking into tax sales? i’ve been studying them for a while and have started to have some success!!!
With good credit you could leverage that $200k into at least $2MM in properties. You could focus on multi-family, or SFR, looking at the rates of return for your individual area.
Good Luck in your ventures!