Buying my first investment property

[Jerell Edmonds]

I'm excited to say I'll be purchasing my very first investment property. I'm currently in the process of buying my father house and he has gifted me about 42k in equity now my plan is to live in that house until I find a decent multi family to rent and rent the old home out . My question is would it be best to find a turnkey or get my hands dirty and BRRRR ? Any advice would be great.

[Joseph Firmin]

Hi @Jerell Edmonds! Congrats on getting started! I think the answer to your question depends on your goals. Are you looking to be as passive as possible and be hands off or are you looking to get some operation experience and learn to handle contractors, property management, etc? You can outline long term where you want to be and then decide which way would help you the most to get there. The equity in the home can be taken out as a HELOC and used as a downpayment (or cheap foreclosure cash purchase) or a duplex. Your call. Just make sure it aligns with your long-term goals. Best of luck!