Posted by andrew on December 08, 2003 at 08:33:21:
If you have never been a landlord before you should definitely start off small!!! Even if you could arrange the financing on a large building with no job, money, experience and “no clue about RE investing”, it is doubtfull that you would be able to survive long. There are many people that will be happy to take advantage of you, (tenants, real estate agents, mortgage brokers, trades people, property management companies, real estate gurus, ect), especially with you weaknesses.
First decide why you REALLY want to get involved in real estate, determine your goal(s), make a plan, gather the knowledge you need and then take action.
Unless you want to be bankrupt in no time, start with a single unit, or perhaps a triplex in which you can live in. (assuming you can arrange financing facing your present challenges.)
As a newbie to investing what would you suggest I look for for my first property? Would it be wise to look for something I can live in and rent out the others like a triplex or 4plex? Or would you suggest going for broke on the first deal and try to purchase a 10-20 unit complex with 100% financing? I have no job, no money, no experience, and no clue about RE investing. I also want to hear from experienced investors how they started and which avenue of RE they began in. Thanks.