Buying first investment real estate property?

Hi. I'm getting ready to by my first residential real estate property. However, I had two questions. I'm looking for a long term investment that will generate a nice stable cash flow, do you think it would be best to purchase a single unit home, a 2 to 4 unit complex or a property unit of more than 6? ?? Also, should I focus on breaking even and continuing to work full-time or quiting my current job and trying to make a profit??

Thanks for all the help!!!

Hi i have invested 4 times and done well. Her i some info. Also in the real estate industry.

If you can afford a single home it is better in the long run to invest in it. Prices usually go up. Generally they double every 5-1- years depends on your area.

When looking at investing you need to buy somewhere close to public transport, shops and schools.

When tenants look at a property, they look at the kitchen and bathroom. Make sure it is clean and the kitchen is generally in good condition.

As far as your job goes, best to speak to an accountant, he will explain how negative gearing is and how to take full advantage of it.

Well it's very hard to tell you that not knowing the area you live in but I will try. If this is your first investment, it would be best for you to start with something simple, and do the research on the properties. Make sure they are up to code and everything is running. Check if the rental property has been sitting over winter months, or if there is any damage inside and/or outside the surrounding propriety.
A simple unit that takes in alot of revenues will be the best to start out with. Build yourself up with experience and start slow, you can always move on from there. Check out several properties within a 25 to 30 mile driving distance. Make sure you choose not only a good deal, but good location. Also "don't count your chickens before they hatch." Meaning don't quit your job just yet, owning one property will not get you to absolute financial freedom. Wait until you have everything straightened out and have enough property income to move to that step.
The best one would be a long term investment at first, those will give you a great monthly revenue, anything you buy for your home or rental property is a tax write off and you can always get out of it if you want to. For starter a smaller 2 or 4 unit would be more cost effective and easier to manage until you get used to the rules of the game. I wish you the best of luck and hope everything works out, have a good night.

If there is anything else you may need with this, I will try to help the best I can.

I have owned investment residential property for over 30 years.

Your most important consideration is cash flow. You must generate enough income for your mortgage(s) - principal, interest, taxes and insurance PLUS
1) A contingency reserve for maintenance and appliance replacement - I guarantee they will not last as long as yours at home.
2) A contingency reserve for vacant unit(s) - no rent income
3) If a condo, a reserve for increased condo fees.
4) A contingency reserve for late payer(s)
5) A reserve for tenant turnover repairs - fair wer and tear and cost that exceed tenant's security deposit.
6) A reserve for the gap between tenants.

Remember also
1)some tenants consider their security deposit to be their last month's rent even though that is specifically prohibited in the lease. Of course you have legal recourse but it is seldom worth the effort.
2) If a tenant leaves without paying a utility bill, the next tenant may have problems getting utilities turned on.
3) Some states require you pay interest on a tenant's security deposit.
4) Some states require you establish an escrow account for a tenant's security deposit.
5) if a tenant leaves without paying a utility bill and the utility is provided by a agency of a city or county government, in some cases they can place a lien on your property for payments due.
6) Use a paid tax preparer for the first year - after that you can file.
7) One of the biggest tax loopholes applies to selling investment property. BE ABSOLUTELY SURE you consult a tax advisor before you sell any investment property re: 1031 sales.
8) Making enough profit to live on is highly unlikely. Your real profit will come from appreciation and an eventual sale

Do not forget - you need liability insurance.