Muskogee, OK · Member since 2013 · 2 posts · 0 votes
Yes I just recieved a large sum of money from a relatives estate and want to put it into rent houses or flip a few properties. What is the best way to get going. Should i buy a inexpensive property to start and flip it for a profit or just go strait to rent houses. I know renting is long term, and i want that but i would rather double my money amd buy rentals in the future. Thanks
Investor · SE, MI · Member since 2013 · 1k+ posts · 461 votes
13y
Hi Thomas,
Welcome to BP
It sounds as if you have already made your decision. If you are looking for short term gains (initially) then you need to go with the short term strategy. Start on BP by reading all you can, ask questions along the way, this is a very helpful place!
Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
13y
Thomas Mickelson, welcome to BP. You will find all the answers you need here.
With that being said, I would recommend you spend some time reading up on the forums about calculating ARV, cost estimation, the 70% rule and the 50% rule.
Flipping houses does seem like its an instant return on your money, and sometimes it can be. There is another side of the coin, that is most investors hope to break even on their first (few) deals.
What is your background / experience in construction, remodeling, etc?
I would find a real estate agent in your area to get information from the MLS on areas that have low cost of ownership & high rental rates. If it was me, I'd look to find a nice single family rental that needs some minor work.. that you can capture some equity on the purchase.
Do the repairs.. get familiar with the home.. the process.. the fees.. the hidden fees.. the hidden repairs.. the tenants.. and start cash flowing on your house.
Then do some more research and maybe try to rehab a house for sale.
Muskogee, OK · Member since 2013 · 2 posts · 0 votes
13y
Thank you for the information. I have a great knowledge of remodeling and rehabing a house. Ive done a some as a contractor. Again thank you for the input!!