05-03-2021, 04:36 PM
My Dad bought income properties and I started while in High School. Buying crappy multi families for 16-17K. Later on I was a residential appraiser in a former life and owned just about every kind of property.
The path to success in my case was the order of investment properties. Early on only cash flow properties, literally no appreciation, 4 doors or more under 1 roof. As your experience and portfolio expands you can move on to what I call vanity properties. Properties that do not cash flow but appreciate like gangbusters.
Best tenants are single Moms with decent income. They do not want to move their kids frequently. Single women are good as well, until the boyfriend becomes an issue.
The holding period is like a high quality stock, never sell. The buy in is the most difficult phase. Need cash?-refinance the vanity property (ies)
Unlike stocks, there is much more work involved, like a job and I considered my tenants as my customers. That makes it much easier to deal with their issues.
The path to success in my case was the order of investment properties. Early on only cash flow properties, literally no appreciation, 4 doors or more under 1 roof. As your experience and portfolio expands you can move on to what I call vanity properties. Properties that do not cash flow but appreciate like gangbusters.
Best tenants are single Moms with decent income. They do not want to move their kids frequently. Single women are good as well, until the boyfriend becomes an issue.
The holding period is like a high quality stock, never sell. The buy in is the most difficult phase. Need cash?-refinance the vanity property (ies)
Unlike stocks, there is much more work involved, like a job and I considered my tenants as my customers. That makes it much easier to deal with their issues.