Skip to content
Starting Out
Account Closed
  • Syracuse, NY
3
Votes |
5
Posts

Novice - Flip First Home/Primary Residence, or Buy side property?

Account Closed
  • Syracuse, NY
Posted Feb 21 2018, 09:16

Novice here, looking for investment property (no rentals) w/in 6-10 months.

Areas of interest in Central NY - West, South, and North-West of Syracuse, and East side Auburn.

Question:

First time home owner; to buy first flip property as my FIRST and PRIMARY residence, or buy a home to stay in personally, and wait 2-4 years to build more cash for purchase of secondary/tertiary properties on the side to be flipped? 

What are major concerns for the decision; and how many started out flipping their primary residence and rehabbing while living there?

Situation:

As a first time home buyer, and first time flipper, Fiancee and I expect a 2 year property to avoid Capital Tax Gain, and allow for time to DIY as much as we can comfortably do. This is if our primary residence is to become the flip. 

Dual income no kids ~$110k/yr. Kid w/in 2-3 years of future.

I worry that by not wanting to be in the "thick" of Syracuse, and not going for rental properties, the probability of success is decreased 33.3%.

I am trying to be vague on our specifics so hopefully other uses may see the mindset.

Thank you,

Loading replies...