Looking to invest in a duplex or bigger to have generational wealth for my daughter but just don’t know where to start. Any advice is welcomed.

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biggerpockets.com

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Agreed, excellent reads!!

Also, a single duplex won’t create generational wealth, but it’s a good start towards building a real estate portfolio.

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If you are trying to create generational wealth, you’ll probably need to build a portfolio of at least a few properties. Your first purchase should be a multi-family. Duplex, Triplex, or Fourplex. Live in one unit as owner-occupied and rent out the remaining units. To be considered “owner-occupied” You only have to live in it for one year. During this year, if you can afford to do so, pay the mortgage yourself as if you were NOT receiving rent. Put the rents you do receive into savings. Then use those funds to assist in purchasing a new property. Do this each year until you have the number of properties you are comfortable with.

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Yes I am looking to buy more properties once I get comfortable with the first one I buy. Thank you for this advice.

Read johntreed and reconsider. Too much real estate hype. Equities count for generational wealth as well.

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Real estate is not a get quick scheme.
But it does provide tons of tax advantages, appreciation and if you learn to run your rentals effectively- a lot of cash flow. Oh, also.. great cash on cash returns if you idea FHAs

Step 1: buy a duplex

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Disagree, do your homework first. Just jumping into it is a recipe for disaster

Let me know if I can help look at scenarios as I’m a lender

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OP, I just went through this. I just finished renovating the rental unit of my first duplex. If you want to DM me your phone #, I can spend 10 minutes and give you the low-down on lessons learned (so far).

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+1

Depends of your cash down you can have/put … try to have de 20% (here in Canada to escape the SCHL, taxes if you don’t own the 20%) but Duplex it’s a little invest but still one … if you don’t have a lot of money you can’t live in and just pay 5% + SCHL but think about that.. put 15k down for a building with a value of 300k not a bad start hen!?

Read multifamily millionaire. It’s precisely what you need before starting.

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