What advice would you give to someone who wants to purchase their first investment property but is unsure where to start?
You should always start by mapping out your goals and deciding what’s best for you. In this age of social media, it’s so easy for us to get in this game of comparison by looking at what others are doing and thinking that we need to do the exact same thing in the exact same way. The amazing thing about real estate is that there are several ways to get in on the game. You don’t have to be a landlord. You can rent a room in your house on a vacation rental site, you can flip properties, become a wholesaler, or even lend money to other real estate investors and get a return on the investment. That’s why I created The Real Estate Summit. The Summit gives people the opportunity to learn six different ways to invest in real estate and set them on the path to choosing the one that is best for them.
What types of neighborhoods and price ranges would you recommend for purchasing your first investment property?
There’s no magic equation that you can use to figure out what’s best for first-time investors. Every investor is different and every city is different. As long as you are sticking to your budget and your goals, you’re on the right path. Some investors look for properties that will bring in substantial monthly income, and others are more interested in properties that may not bring in much each month but will be worth more over time. The key is knowing what’s important to you in the long run.