first time investor/203k fha

[Jody Roussel]

Hello Everyone

Im a newbie in CT looking to begin her first flip! I'm looking into REO homes to purchase, rehab and possibly occupy for up to 3 years prior reselling. (tax incentive)

Although there will be instant equity if I keep purchase price and rehab cost at the margins no greater than .6-.7 % of estimated ARV, are there any suggestion experienced flippers have to offer? Which circuits do you browse for the tri-state region properties, do they still hold local court house auctions?

Thanks so much :)

[Dave Spooner]

@Jody Roussel Have you also considered targeting a duplex, triplex, or four-plex? My first investment was a three unit. We occupied one unit for a few years and self-managed, allowing us to bring in positive cash-flow from the get-go. An SFH investment is nice, but of course you have to sit on it, only gaining equity for at least one year (2 if you want the tax advantages to be maximized, as mentioned).