First potential investment property

[Shawnna Williams]

Hi 
My name is Solome from South Carolina. After much contemplation, I’ve decided to step out, take a leap of faith and take control of my own financial destiny.

 I’ve been reading the books, listening to pod casts from BiggerPockets. They’ve been great!

So now I’m going to plunge into my first investment. One of the many things I’ve learned from BiggerPockets is to have a plan, type of investments you want to invest in, rental or flip...etc.

I’m sure I want to, ultimately, concentrate on rental properties, doing a mixture of single and multiple family homes. Is that a good idea? Or focus on one?

In reference to this house I’m about to look at, I’ll be using a private lender, who happens to be my sister this go around. What I’m having problem deciding is should I flip this house? I haven’t worked out all the numbers yet, yes, learned that from BiggerPockets too, but I do know it’s value after repairs will be significantly higher.

So if I flipped, I could immediately pay my lender back and reinvest my earnings into the next property.

If I rent it out, then she doesn’t get her money back immediately but I’ll have a rental property.

I really want to return her investment funds plus, immediately but I also think keeping that property will be a great income in the long haul.

Advice???

Solome