Question. If you are starting out would you get a small properties or one big one?
Haylee Castro: Depends on how much risk you like taking on and what your income justifies.
Jennifer Todd: always start small if you are a beginner. The small properties are cheap enough for you to liquidate it quickly to a buyer, if things get tough. Maybe take a property Sub to, if you are new and learning the business.
Holly Weaver: I am super new
Jennifer Todd: ok, I know SC market well…plenty of houses there that are perfect to get.
Holly Weaver: I plan on doing taxes liens
Angela Williams: Can i ask you about this pls
Reagan Herrera: Run your numbers and it will tell you.
Haylee Castro: Eh. Id talk to an attorney before you go down the tax lien road.
Holly Weaver: Why is that
Haylee Castro: Well, you want to understand what you are up against and get some familiarity with the process. Youre essentially buying up foreclosures, so youll probably want an attorney anyways.
Haven Morgan: I would agree. You could end up with a federal lien on your hands. I do a lot of research before I bid. One of the properties I found a $800,000 IRS that we were looking at buying and it sold, the buyer was not informed at the sale. At our sales they d…See more
Aaliyah Patrick: the irs never forgives !
Haylee Castro: #abolishtheIRS
Jackson Collins: Check your pockets, big or small?
Holly Weaver: Right now small
Alayah Lindsey: Dumb comment^^^^My first property was 1.2m and i had 2k in the bank when i bought it. Learn how to finance creatively and intelligently and youll see that you can buy real estate truely zero down
Emilia Bradley: Its NOT Dumb. Gotta start somewhere. Why jump off a Cliff when you dont have to? Sheesh- how rude. Give the guy kudos for trying!
Miles Malone: Emilia Bradley: I think he was referring to Carmello, not the OP
Alayah Lindsey: That i was
Alayah Lindsey: Plus the bigger the property is (assuming it cashflows) the easier it is to hire a professional management team and have extra cash to get yourself more educated.
Cash Mills: Work the numbers and then go for either.
Anthony Lopez: Depends how much money do you have lol
Anthony Lopez: Or have access to **
Amira Hopkins: Always multi-family…. dont matter if is small or big as long as it pays for its self!!!ðŸ˜²ðŸ˜²
Anthony Lopez: Dont like singles ?
Cameron Stone: if you are new, start with a smaller one, taste & face the good, the bad and the ugly ins & outs of the transaction and ownership and then get into bigger and perhaps better projects….
Kimberly Dunn: Lets just put it like this, if your tenant stopped paying rent, how much mortgage can you afford to cover?
Messiah Wood: Just get a property under contract. Especially,if this is your first deal. Size really isnt a factor. Getting it done is. Hope this helps.
Gianna Ryan: It depends on the numbers working, and what I can afford… If the deals numbers work. And you can afford it… Do it…
Kathryn May: Depends on what your goals are
Keira Saunders: Small
Alyssa Jones: It depends on your financial situation and the property. Big might be more than you can handle but small might not give you the profit you are looking for
Messiah Wood: Nothing matters until you have a signed contract
Evie Erickson: no, until you actually close 😉
Evie Erickson: contract is nothing, can be destroyed with any stupid mistake in the process from either sellers or buyers side
Dylan Mclaughlin: Depends on how much you have to spend and the price of the property.
Messiah Wood: I have properties in Atlanta, Georgia and Florida. If your a cash buyer who is serious. Let me know what your looking for. If I have anything that fits. We can talk. 30-60% below market value.
Dylan Mclaughlin: anything in Texas. ?
Messiah Wood: Where about?. What are you looking for?? Price range??
Madilynn Long: Small….
Abel Sanders: Just get your first deal done – thats the most important thing to do. As such, a smaller deal will will be easier and help you get that notch on your belt. Good luck.
Nicolas Figueroa: Either worksJust start!!!!
Haven Morgan: Just my opinion, but I always recommend a 2 to 4 unit property so you dont have zero income if it goes vacant. I particularly like the duplexes as side by sides for a starter… they seem easier to rent then the others. Just look at the numbers and make sure it makes sense.
Finley Wright: Get what you can afford that will cash flow, that wont burn a hole in your pocket during a downturn.
Heidi Carroll: Dont put all of your eggs in one basket. Having multiple rentals gives you a larger % of ROI and income. All in one gives you a larger % of something going wrong and not able to fall back on anything else. In my opinion, going small at first is the better strategy unless you are already made of money.
Silas Woods: Small. At the worst for a beginner a duplex and then work your way in.
Miles Malone: Bro education is the first thing you should do. I dont care if you study real estate laws in your state, or drown in niche podcasts. Books wont hurt either! (before you make your first step… )but if you study long, you study wrong. Watch trends in other markets around you.
Miles Malone: I say a 4-5 plex. I wouldnt know what youd consider small. House hack one of the units.
Aaliyah Patrick: i like small ones – if for some reason you need some cash – they are much more liquid ! we have 1 duplex and 10 single fam houses
Aaliyah Patrick: we started w/ one 2 bdrm 1 bath home while we both worked – made $300 per month pos cash flow – called it vacation money – 7 years later – we both are pretty much unemployed bums! LOVIN EVERY MINUTE OF IT
Fernando Mccoy: Apt
Haven Roy: Size doesnt matter. The work is relatively the same. A $20 million apartment complex could actually be easier than a $20,000 SFR.
Francisco Obrien: Thats debatable
Archer Wright: I tell most my people to start off with something that does not need much more then cosmetic work. Small or large. Once you go through the process of buying, closing, contractors, design, time frame and sales. Thats all stuff you need to understand. Then once you go through that process start getting into things need more construction.
Mariah Wilson: What are you starting out with, flip? Buy and hold? whole sale?
Aleena Rios: I recommend as your 1st property, get a 2-4 unit building. Because if you have a vacancy or two, you will usually still be positive cash flow. I hope that building will be around $80k-$150k buy price.
Carlos Ortega: Small
Beau Rose: Start slow, it depends on how much you want to spend. Dont stretch yourself out so far you dont have reserves. Always plan for surprises and always have a back up. Remember income properties come with pluses (gains) and minuses (issues). Plan for and prepare for as much as possible. In the end, you will be glad you did.
Holly Weaver: You guys are awesome
Haylee Castro: Dont forget to check out BiggerPockets.
Fernando Mccoy: Or neo nazis
Jazmin Ball: Start small
Francisco Obrien: That depends on your available Funds. You need to learn to manage units too. Our first property was a 9 unit building. I suggest to people or aspiring investors. First buy were you live; preferably a duplex, triplex, or 4 unit. Live in one rent the others & learn the landlord laws & how to deal with tenants & maintenance. Most landlords who own large buildings scaled their way there through the years. Most started with a small building.
Ayla Rivera: Always start off small unless you have an invested or partner with experience.
Jayce George: Qaulity over size or price. Location, Location
Abby Roy: Im think small, but never hurts to jump in if you do your work
Amber Soto: Multi-famliy. Im a contractor but I dont do them now. But you may want to start up with multi-famliy properties 4 family 6 family 8 family. Residual income is the best way to spend your money in the short and long term. We sell NPNs now 20 to 50 properties at a time to big investors that only want multi-famliy units.