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.
Hey! @Jared Baker
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.
Hey! @Jared Baker
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?
@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.
Yeah man you just gotta do whatever makes sense to you @Jared Baker
Best of luck!
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.
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