Advice: Where do I start?!?!
Hi, Im looking at purchasing my first home within the next few months which will also double as my first investment property. All of the different strategies available are overwhelmingly say the least.
Originally I planned on purchasing a fixer up home putting down 20% and financing the home and renovations, living in it for a a year then selling, then the BRRRR strategy was introduced to me and I said to myself "why would I ever sell the property if I can continue to generate income and make profit off of the property" so I decided instead of selling after a year I would rent and refinance.
Then I discovered the wild profit margins of new construction! In my area having a home built is arguably less expensive than purchasing and existing home, however this would be my first home, so I have idea what to expect In regards to property taxes, utilities, permit expenses, or if property will me my expected appraisal value, etc.
I’m at a fork in the road and I’m not sure what to do