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To keep it simple:
- Get a single family home.
- Look for the best deal - something that is undervalued.
- Don't just get a property for the sake of getting one.
- Smart move is making money when you purchase it
(get one undervalued that may need some clean up and cosmetic repairs).
- Use the bank's money (via a loan).
- Live in the property so it will be "owner occupied", thus getting you a 90% - 100% LTV (loan-to-value) on the property depending on your credit scores and loan programs available.
It does not matter what city you are in, what the market conditions are, etc.
Someone is always looking to sell their "headache" of a property, and there are many deals in any city. You just have to look.
If you buy something for less, and sell it for more, especially by leveraging it using the bank's money, not to mention all the tax benefits, real estate is a beautiful wealth-building tool!
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