I was hoping to get some input from the community about what to do. So I am actively looking for my first deal and was wondering if it is better to buy a duplex or a fixer upper first. The duplex would allow me someplace to stay for little to cost but I can only save what I am currently paying for rent. On the other hand I could but a fixer upper, pay the payment on it and then hopefully sell for a small profit to help fund another deal.
I would think house hacking a duplex would be a good first step. You can save some money on rent and get used to being a landlord. If it goes well you can move out later, refi and buy a house to rehad / flip while you live in the house.
Unless you are an experienced flipper or know a lot about construction, I would not try to flip as your first experience. It can get very costly and is risky. If you want to flip, find a partner with experience.
As the previous poster mentions a flip without any experience may be a bit tougher. It is harder (but not impossible) to mess up a good duplex, especially on a first deal.
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