I am new to real estate investing. I am interested in buy and holding property and I am also interested in flipping property to sale. I recently inherited some a property that has been vacant for 15 years. The property is only 1 bedroom and will need a new kitchen and bathroom. I have no money to put in to getting this home fixed up to rent, nor do I have any money to purchase a new property.So my first thought is to sell the property I inherited and reinvest in a rental property, take the cash flow from that rental property and overtime save enough to purchase a property to flip. But this approach seem like it will take years for me to be able to reach my goal in owning several rental properties. Any suggestions?
How much money do you think you will make selling your current property? How much money do you currently have to your name? Depending on how much you have/will have, you can leverage your money by using private financing/hard money to purchase your flip. Fix it up, sell it and then rinse and repeat. If you are looking to build long term wealth, I think having a good rental portfolio is best. Flipping is nice but its a job (not to say being a landlord isnt, but in a different way). Those are my two cents
You need a lot more information to be able to be helped. You may want to start by providing all of the information you have about the property in question. After some folks help you with that you might want to address the longer goal setting question. Or vise versa.
1. Go to a bank, refinance the property to pull equity out to rehab the property and sell / rent
2. Pick up a yellow letter and sell it to an investor :)
3. Hire a realtor and sell it as is
Thank you all for responding.
If I sold it now the way it is, I don't think I can get much out of the property, maybe 10k-15k. I'm not sure if doing a refinance is an option since the property is basically condemned. I'm thinking my options are to sell it to a wholesaler or try to find a private investor to lend me about 50k-60k to fix it up so I can flip it Or, maybe after fixing it up I can rent it out then refinance and pull the equity out then try to buy another property.