Opinions and insight on this strategy please

1 Reply

My wife and I are looking into purchasing our first property. We are wanting to get a distressed property and do a live-in flip. I was planning on talking to some wholesalers in the area to find the property and then using a conventional mortgage loan for funding. Is this a good strategy? Why isn’t it? We are extremely excited about our new real estate adventure and due to our circumstance, this seems to be the best way for us to get our foot in the door as well as get in our very first place together this year. All comments and insights are appreciated!
I would be concerned about the stress it will put on you and your relationship. Flips can go sour quick, and living there can turn into a nightmare quick. I would instead look to buy an estate sale outdated but we'll maintained property. You should still have plenty of value to add, make a little money and get your feet wet. Or.. go more of a traditional route and just buy a fix and flip with private money. And working there nights and weekends. If it doesn't sell, u can always move in and buy it yourself onces completed.

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