First time home buyer (sort of)
Good day fellow investors. I am new to this site, and real estate investing, so please forgive me upfront for any questions that may seem remedial. I recently moved from the state of NC to Ohio. My family and I are currently renting month to month and are "home shopping". I do have a full time job and am looking to use real estate investing as a second income for my family that currently only lives off of one. My questions is this...Since I do not currently own, is it wise to purchase a property as an owner occupied property with the intentions of flipping it? My thoughts are that I can enter into the real estate investing business this way with a smaller down payment (thinking FHA and more specific, 203k). Once I flip the home (using the 70% rule), I am hoping to not only profit enough for another down payment on an owner occupied property that I plan on staying in, but also have enough to repeat the flipping process. With all that I have read, I feel that this method may give me the capital I need to start the business and keep it afloat. Contstructive criticism here is welcome!