What kind of property should I consider for my first real estate investment?

What kind of property should I consider for my first real estate investment?

Michael Corbett (Real Estate Expert) gives expert video advice on: What is real estate development, or 'flipping'?; What is 'real estate speculating'?; Who can engage in real estate flipping? and more...

When I tell people to start small when getting into real estate, all I'm really teaching them is how to take the money that they do have and match that with the size of the house they're going to buy. In other words, don't over extend yourself. Make sure you have enough money left over to actually make the repairs that are needed to the house, and start in maybe a transitional neighborhood. You're not going to be able to buy a big condominium in downtown Manhattan or in the best neighborhood in Milwaukee. You're going to have to go to a transitional or a fringe neighborhood. Find a smaller house, start with that. Make your mistakes on the first property that's a small one, because they're smaller mistakes and there is a big learning curve. Once you've done your first house, it is so much easier to get a second and third. So buy the first house, and buy it small. Don't spend a lot of money on it and be smart.