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A lot of people start by “house-hacking” which can mean renting out spaces in/attached to your actual residence.
For example, buying a duplex and renting out the other half; buying a larger home and renting out the bedrooms and/or the basement; buying a condo and renting out the bedrooms.
So, you’d start by identifying units in your area that could work for this strategy (remember, you’d need at least one parking space per adult occupant, for example)
I second this! A very lucrative and reasonable pathway into developing your folder.
I think the smartest start if you can swing it is a duplex you can cover mortgage with 1/2 rented out then live in the other half and be property Manger for free or very low cost. Gonna have to start soon though since interest rates are going up fast.
Gotcha gotcha. Makes sense
I love the advice of others on here. Most start with house hacking. You can buy a new primary at 3-5% every year and then rent out the home or rooms and continue during it as your portfolio grows.
I personally went the vacation rental route since it cash flows a lot stronger and I can use them when I want as well. Currently most vacation rental markets are overheated but you can still find gems where the numbers are great. Check out Bigger Pockets podcast to learn more about the different options you have and to get familiar with the wonderful world of real estate. They cover every RE type possible and after 100-200 episodes it becomes like second nature. For vacation rentals check out “meet the robinsons” and “Robuilt” on YouTube and Avery Carl has a great new book also called “Short Term Rental Long Term Wealth”
15mins a week so about 1-2 hours at most for both properties combined. Setting them up in the miserable part where for over a month every day after work I was building furniture until I went to sleep 😂