Newbie from MD with some questions.
I am new to investing and new to the real estate market in general. I came across this site whilst trying to research a proposed property investment. I am in the early stages so would love to hear from people who have experience. I have three choices in front of me and I wonder if I can get some feedback on if any of them sound good.
1.) I have the option of purchasing a $40,000 property (I would pay in cash). It is what is considered a manufactured home on a park in a reasonable area. Nothing needs fixing and the condition of the home is great. My plan in this case would be to live in this property, saving up money that I would have otherwise paid in rent and eventually sell it/rent it off whilst having earned money towards investment in another property.
2.) Buy a fixer upper house for $30,000 and spend up to $30,000 getting it up to code with the eventual goal to sell for profit. I think that I would be able to get a decent profit off this property but since I am new to all this, I feel this option is a risk.
3.) The last option is to put a mortgage down on a house with a down payment of up to $60,000 and rent that property out. I like this option the least because I want to cut out bank loan costs where possible and pay fully, in cash.
I am leaning towards the first option but I have little knowledge of 'manufactured homes' in terms of whether they retain their value, whether you are even able to rent the home if it is on a mobile park, etc. This whole world is very confusing to me and I m just trying to find the best way to invest up to $60k in a starter property and work my way up.
To clarify, I rent now and this would be my first real estate purchase. Thanks!