Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
8y
You're 21 and make $50k a year! Damn! Good work.
And it all depends on your goals. If you want to quit your job then you probably want that stable cash flow so maybe it would best to hold on to that property and rent it out....
Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
8y
You're 21 and make $50k a year! Damn! Good work.
And it all depends on your goals. If you want to quit your job then you probably want that stable cash flow so maybe it would best to hold on to that property and rent it out....
If I were in your shoes, I would look at a couple things. Yes, flipping is attractive and can get you a big check quickly. However, it is a significant time investment as well as capital investment to make that work. If you have saved enough money from your job to purchase, fund the flip and live, maybe it's worth it.
On the flip side, B&H, as you put it, is very attractive and I think you'd find that most investors wish they had never sold x, y, z, properties with 20/20 hindsight even if the wealth that you build there feels painfully slow. That being said, rent growth has been very stable and is much more impervious to the cyclical sales market.
Everyone's answers to this question are different because we are all at different stages of our lives and have different personalities. The bonus of being young is that ideally you are more resilient, but you need to make that call for yourself.
Lansing, MI · Member since 2016 · 31 posts · 3 votes
8y
Thanks for the reply. My long term goal is to have enough B&Hs to live off, but that would mean many more years at my job. A flip would get me out of my job sooner, but wouldn't help me out as much long term. I've been flipping back and forth between what I think is best for me, just wanted some extra insight from people who have been in my shoes.
Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
8y
I would say have some form of strategy. Do a flip or two then use those funds to buy and hold then start another fix and flip. It’s so many ways to go about real estate......