A small house is a great place to start, because it’s doable, and its flaws won’t overwhelm your abilities. The same goes for a studio or one-bedroom apartment—either a condo or a co-op. Obviously, the smaller the property, the less expensive it will be. And the more remodeling it needs, the greater your ability to bargain the purchase price down even lower.

You may be able to get something for little or no money down, or, as I did, a lease-option, where all you have to pay is the cost of the renovation. You’re looking for a “fixerupper,” or a “handyman’s special,” a single-family house that’s been on the market a little too long, or a unit in a multiple dwelling that’s in disrepair.

Once you’ve turned this first property around—perhaps by tearing down some walls, replumbing old pipes, adding a brand-new kitchen and bath, and covering the floor with a carpet plush enough to swim in—you’ll take it to market so that you can quickly experience the joy of making a profit. And that profit may motivate you to start looking for property number two.