EPISODE 005: Part 2 of 3 on The Basics: Basic Property Stuff
Categories: Strategy & Tips
Description & Show Notes: In this episode, we continue another easy 3 part series on The Basics with our second part: Basic Property Stuff. We're going to look at different property types you can choose from as an investor, the pros and cons to each, and recap our Classes discussion from Episode 003. Each investor is better suited for a specific type of property at any certain point in their career. The second part of the episode goes through the 5 major changes I've made in my own investing journey over the past 20 years, so you can see how your own career might evolve over time.
Major categories or property types:
Single Family - Detached
Single Family - Attached (twin home or town home)
Duplex (or tri-plex or 4 plex)
Condos (differences in financing & cycles)
Auburn Specific Differences:
Student or Non-Student
Unrelated Occupancy Rules
Major changes in my own journey
Buy a condo for me turn it into a rental later. add 1 more condo
Mobile home sales, "buy here, pay here" - bad idea!
Mobile home broker for students - better idea!
Condo conversions and multi-family projects - big money, big responsibility
Real Estate brokerage
Single family rentals
Differences in Property Valuations:
Residential Property: based on the prices of similar properties nearby
Commercial Property: based on the net income coming out of the property