Thread: I'm young! Where should I buy?

I am 20 years old and plan on purchasing my first investment property this summer? I think I will either buy a double or just small house that I can rent out. Any suggestions on where I should lean between the both? I will be buying west of Cleveland. Is it the time to buy? Anything I should look for or any advice from your pro's.

Thanks!

Buying a Duplex is a great way to get into real estate. A couple of things to consider:

• Don't skimp on doing a background check on renters
• Make sure you don't mind being a landlord
• Don't purchase a property which is in poor condition...
• Make sure you can afford not having a renter for 3-6 months

Hope this helps.

I agree, duplexes are great and in some markets can be split into townhouses for big profits down the line. Buy in a good area - one that you are comfortable in. Being a slumlord is no fun at all!

I'm currently writing a book called Rent with Soul, The Amateur Landlord's Guide to Getting and Keeping Fabulous Tenants, so if you'd like any advice from a Soulful Landlord (that would be me), just ask!

Jennifer

It's always the right time to buy if you find the right investment. Just take a hard look at the how the property will really operate. A whole lot of new investors don't think about all of the expenses involved, and so they buy into properties that just lose money.

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Everything down there is being discounted and as well all know what goes down must eventually come up... Don't think you'd ever have a problem with vacancy in Florida with baby boomers and vacations demanding.. Great time to get in the vaction market really cheap... they're averaging 8% in FL

Cleveland, Ohio?


If so I would have to know exactly where to help. Cleveland as a whole is depriciating at about 5% annually.

2 unit is a great idea. You could even occupy 1 side to likely eliminate a housing expense for yourself while you do this. That would help you save money up for assets.

I think Akron would be a better area. Or for just a cash flow rental look at Youngstown. Depriciating but the best house on the block is usually 30k.

Florida has increased in value by 100% in 4 years or so. So high that property taxes, insurance and price have reached the sky. So now, nobody can afford that. What happen? no more buyers and sellers offering free cruise if you buy their home.
Wait a couple of years, when price will decreased strongly there, then go ahead for a oceanfront condo with owner financing and zero down.
First line never lose....

That state is the hillbilly state for other. So prices are very low if you compare with other states. You always have people cashing out the 900K from their San Francisco studio and buying a 5bed/4.5ba pool for 400k in TN.
So TN properties will go up...

If I had the luxury of buying a 2BR 2BA for 300K on the SW gulf Coast and having every extremity associated with a condo paid up for 2 years would that be good