House hacking, live in your flips, or wholesaling which is best?

Question

Hattie Dizmond · Answer

dude...that's like asking what's the best car color!!  What's best for you is probably not best for me. I'll give you a quick example...a live in flip would be easy for me to manage, because I'm single and have no children.  On the other hand, my business partner could never do that, because she's married with 3 small children.

I suggest you check out some of the Brandon Turner blogs and publications. He does a great job of going into detail about the positives and negatives of house hacking and live in flips.

Wholesaling is not for the faint of heart. And, even though the price point for entry is comparatively low, it requires you to be an expert at deal analysis, rehab estimation, marketing, negotiation, creative strategies, and multiple exit strategies.  The folks who dive into wholesaling thinking it is an easy entry are 50% of the reason wholesalers are widely disliked. The other 50% are the ones trying to pass off junk as deals.

Chance Housos · Answer

@Logan Sherwood Why not do all three at the same time? Buy a fixer house, have a buddy move in with you and pay half the rent. Do the repairs while you live there. Try to find more deals while you are not doing repairs. Move in a year and sell/hold and repeat. I do not believe there is a one and done type of investing.

You can do it!!!

Get started.

Elizabeth Colegrove · Answer

Everyone has a very different opinion and honestly it is whatever your preference and comfort zone. I personally had no desire to wholesale. While we could have flipped any of our houses for a profit. The 30-60k profit would have had significantly less long term value than preserving the gains, along with getting principle pay down, cash flow and also slowly build up more annuities. For us house hacking or buying at every duty station and renting them out once we were transferred made the most sense. It allowed us to work towards our rental empire when we had very little starting capital.

Hoep that helps!

Jerry Padilla · Answer

@Logan Sherwood

The easiest class way to get started is house hacking. Low down payment, in CA is a great way to go. Flipping is going to be a huge cost most likely and as @Hattie Dizmond said you should have some experience to wholesale.

Account Closed · Answer

one has nothing to do with the other,living in a flip and wholesailing can easily be done at the same time

Hattie Dizmond · Answer

It's been a rough couple of months, personally, but I'm back in the game, focused...encouraged...encouraging (more importantly)...and on a mission!!

Brian Gibbons · Answer

@Logan Sherwood

There are a multitude of ways to make money is residential real estate.

1. Wholesaling - need lots of time and money, and your area needs to attractive to all cash buyers

2. Retail with money partners - get JV credit partners, private lenders, hard money lenders, etc, and sell to retail FHA buyer

3. Seller Financing - Sub2, lease options, wrap AITDs, intallment sales, TIC agreements, etc.

4. House Hacking

5. Traditional 20% down rentals

6. 3% down 2-4 unit FHA programs

7. Bird Dog for other RE Investors

8. Be an agent

9. Be a property manager

10. Be a loan officer

@Hattie Dizmond

Where have you been girl? :)

House hacking, live in your flips, or wholesaling which is best?

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