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With that said I strongly advise you to research real estate investing as much as possible. RJ said that that home would â€œnever be income generating unless you put a large chunk down â€œThat is a very dangerous way to look at it. Are there better investments out there? Very possible in fact very likely if you look in the right places and are willing to do the necessary work to make it a great deal. That is not the point here. Itâ€™s the advice that you should not put a â€œLarge chunk downâ€ that you need to be aware of. That is the type of thinking that got us into the financial mess the country is in now. Donâ€™t take my word for it. I recommend you look and highly respected financial advisors like Dave Ramsey to see what he says about financing real estate as an investment. Not only should you put a good chunk down but you should always put 100% down and only do that if you have ZERO personal debt to begin with. Do it any other way and you are moving in to the world of HIGH RISK investing and I do not advise my clients to go there. I also donâ€™t recommend flipping. If youâ€™re buying real estate you should pay CASH and plan for it to be in your investment portfolio for the LONG term.
I hope this helps. Please look up Dave Ramsey to see more from a trusted financial advisor. Do not invest in something without knowing exactly what you are getting yourself into. Donâ€™t take your Realtors advice alone. Good luck and feel free to ask other questions.
Thanks for your time
Then I would consider buying small but with multiple bedrooms. The renters are more than likely going to need a place to sleep, but will otherwise be occupied with work or study. Get a home warranty, so you can just make a service call as opposed to having to fix a garbage disposal yourself, for example. (I would be very strict in your screening process as you want assurance that people will not trash the place.)
This might not be the "get rich quick" scenario you're looking for, but this is what most of the casual "real estate investment" pundits advocate.