Hartford, WI · Member since 2016 · 162 posts · 50 votes
Hello BP!
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.
Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
8y
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.
Rental Property Investor · Springfield, MO · Member since 2017 · 266 posts · 312 votes
8y
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.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
8y
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.
I'm currently looking for my first duplex to house hack. I'd say from everyone I have spoke to that has invested in real estate says that house hacking is the best way to go to start off.
I'm currently looking for my first duplex to house hack. I'd say from everyone I have spoke to that has invested in real estate says that house hacking is the best way to go to start off. Did you decide on what you're gonna do?
Hartford, WI · Member since 2016 · 162 posts · 50 votes
8y
@Daniel Callahan I think I have, but I am still deciding. I am thinking I will buy a duplex. But i will most likely rent out both sides right away. I'll probably buy something up in the Appleton area since prices are more reasonable. I'll continue to rent where I am not because commuting over an 2 hours to work every day doesn't make sense to me.
Investor · Arlington, VA · Member since 2016 · 67 posts · 65 votes
8y
Why not a fixer upper duplex? You can slowly fix it up and sell after living there for 2 years. Eligible for 250k tax free profit, while living for cheap/free. Best of both worlds.