HUD Homes- Pros and Cons
Hello BP World!
I have been with BP for a few weeks and have learned an incredible amount. Knowing very minimally of what I am talking about, I cant help but be drawn to a HUD home as a first investment. Ultimately, I would like to live in my first investment property, so the OO rule does not bother me. Do all HUD homes have a 12 month live in requirement.
My thinking is to find a good HUD home in a good area. Live in this home for a year while fixing it up, and once my requirement ends, sell it for market value and earn a good profit?
Initially, I was thinking of having my first investment be a triplex or fourplex, rent out the other units and live in one.
I want to know your thoughts and opinions on my strategy, would it work? Would I make a profit once i can sell? Any other hidden requirements that would be a Con? Overall what are Pros and Cons of HUD homes?
Thank you for the help!