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Money and Finances
Reply to "I really want to get into buying properties, but I'm scared"
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[quote=Anonymous][quote=Anonymous]Buy a 3 or 4 unit property and make one of the units your primary residence. This is the best way to get landlord experience. 2-4 unit properties qualify for conventional mortgage rates as long as you live in one of the units. Rinse/repeat a few times over the next 5-10 years. You can keep adding buildings to your portfolio and qualify for conventional financing as long as you live in it when you buy it. Get really good contractors/handymen who do honest work. Upgrade the units in between tenants.[/quote] Invest hundreds of thousands of dollars and bust your ass maintaining the properties for the next 20 years. Don't expect to make any money until you sell. In fact you will likely be losing money everything month, mostly due to taxes.[/quote]
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