Paving a way for the first deal/property
Good evening, I am Mychal Lee from Savannah, Ga and I’ve been listening to Bigger Pockets Podcasts( out of order), reading books, and picking the brains of several individuals whom I trust on different topics preparing myself to take the big plunge. This year I’ll be turning 28 so I feel like there is no time like the present to jump out there and invest. I’ve even got my girlfriend in on it.
I just don’t know which route I should take. I’ve been pouring over different real estate websites and driving around the city to find my first deal and I’m still feel no closer to knowing which route to take. I honestly feel like the real question is which is the easiest or safest route but offers the most lessons and rewards. So here are my two options as of yet.
Option 1:
My girlfriend coworker is willing to sell me her family home for a reasonable amount less than the appraised value because they like us and they are old and the house is too much for them at this point. The home will offer instant equity but with some updates which it needs will almost double the current equity which I could use towards future investments.
Option 2:
There are plenty of nice reasonable duplexes tha need some minor repairs that could live in while renting.
What to do? Which way would be a better first investment?