HIFLYR

I bought a mini storage minimal employees is a plus. I would recommend steering more towards commercial real estate vrs residential.

Zlin

22 apts and counting good business if you learn the ropes an have cash reserve to see you through the tough times. (a 6 plex, 3) 4 plexs, 2 duplexs). Where are you located? You need to know the state laws etc.

herkdawg

Currently a Mil flyer and I happened to meet a property manager who coincidentally was working on a property next door to where I was living. I have always been interested in real estate, so I took him out for coffee and picked his brain for a little bit. I had a list of questions ready for him.

If you're using a realtor to find your property, you could always ask that person. They should be able to recommend a few. I would meet them all and see which one gives you the best fit for what you're looking for. I would be prepared to ask them things like...how many properties to do you manage? What's your fee? (Is that on par with others) How do you handle notification for repairs? What does your lease look like? There's a bunch more you can ask, but you get the idea. Treat it like an interview because you are in essence hiring someone for a service. In my case it worked for me. The guy I met charges 8% (and I still have positive cash flow) has a long history of management in the city where my duplex is. Also, I would strongly recommend having a property manager if you're not living in the same city as your property or will be gone for significant chunks of time. Life saver!

Bumper

I own two duplexes and a town home.I prefer the duplex because if you do have one side vacant at least other side pays the mortgage, I have never had both sides empty. The town home I bought cheap as an owner occupy which used to require less down stayed there for few years and starting renting it out.

My first duplex I used my VA no money down bought it and I live in one side and the other pays the mortgage. VA lets you buy up to a 4 plex but you must live in it. The money I was saving by having some one else pay my mortage I was able to save the 25 percent down to purchase another duplex. So if you have limited cash I would go the VA rate if your ex military, if not FHA has 3.5 percent down owner occupy, home path and hud homes are also a cheaper way. One thing is very important YOU MUST have adequate reserves for if a big repair or unit is empty for a monthor two. General rule is 6 months reserve for each one you own. Most banks also require 6 months on each one before you finance another. Once you have 4 financed you will have a hard time with the 5 th as most banks won't do it.You will have find a lebder that keeps the loans in house and doesn't sell them. This investment calculator helps
Investment Property Analyzer ? ROI Calculator RPR
Good luck pm if you have questions

17guy

I have two houses rented out that we used to live in and am definitely interested in investing more. Currently looking at small multi-family properties.

Had good experiences so far, but would like more properties to decrease the risk.

Likeabat

I have had rentals for about 15 years - one duplex and 3 single-family homes. My only regret is not being more aggressive and buying more along the way. Occasional headaches at times, but nothing good ever comes without work.

bcpilot

Both are good in their own way, It is what works for you, some like pizza while some like pasta...

bcpilot

You did not miss much...

Those who were more agressive and forgot the basics, actually lost more than they made... A lot of them lost everything they had.. I am sure you know how 2003-2007 & then 2007-2011 played out...

Likeabat

I hear ya - it is that 2007-2011 time frame when I wish I had bought more. I managed to pick up 2 foreclosures during that time and they are the best two I have (first 2 bought in 98 & 00). Plus the demand for rentals went through the roof during that time (in my area) and rents on my previous two went up accordingly. I don't advocate leveraging up to the hilt though. I like LOTS of equity and cash flow - helps me sleep at night. I've always used the cash flow to aggressively pay down mortgages - pretty conservative approach - but if I would have chased more leads I could have come up with another property or two priced right (I'm a home improvement nut that enjoys going in and rehabbing run down houses).