With merely a high school diploma under my belt, I plan on being a prominent REI in my area before I hit 20. But with my age (18), comes inexperience. I am very eager to get my feet wet in the business, I'm plotting out very good places in my area that will create a decent cash flow. Which leads me to my question; for a beginner, would you recommend a Buy & Hold or Buy & Flip and why? My father and uncle both have loads of experience in the contracting field, so as far as work and labor. I feel like I'll be just fine, just the money aspect that worries me. I'd greatly appreciate anybody's $0.02 on the matter. Thanks guys
P.s. What would be the best type of formal education to better myself, for example; majoring in business etc. mtrw
Welcome. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Buy and Hold creates cashflow, Buy and Flip designed to produce a one time surge in cash.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
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