Updated almost 10 years ago on . Most recent reply
Kalamazoo/Portage
I am new to bigger pockets my name is Eric and I am looking to buy my first property! I am interested in buy and hold but also flipping homes as well. What would be best for me to start out with first? I am leaning towards buying a house that me and wife can live in for a year or so and rent that out once we have done updating around the house but not sure if that's the best idea! If anyone has any advice it would be greatly appreciated! Thanks!
Most Popular Reply
Hi! I would say that is a great way to get into RE investing! "House hacking" as it is called, is buying a property as an owner/occupant, living there for the required amount of time (2 years I think) and then turning it into a rental when you buy the next house, etc. You can also buy up to a 4 unit property as an owner/occupant, live in one unit and have the other units pay down your mortgage. Financing is much cheaper to obtain as an owner/occ so it is a great way to slowly build up a portfolio! Also, you can eventually use your equity as down payments on more properties!