Hi everyone, my name is Ernesto Martinez and I live in Oklahoma City. Love listening to the podcast and looking for advice on what to buy first as a first time buyer. Should I buy a duplex or house to flip??
Real Estate Agent · Central New York · Member since 2023 · 207 posts · 96 votes
2y
Welcome Ernesto! That’s a very loaded question, as it’s highly specific to your situation. Here’s a few things to think about as you look for your first home:
A) do you have the cash to do a flip? B) what’s the duplex market like in your area? Is it possible to live in one side and rent out the other? If so, does the rental income give you any extra cash flow, or at least cover the large majority of the mortgage/expenses?
C) do you mind living in the same building as someone else? D) which of these two strategies would have the better resale potential? You won’t be living here forever, so ideally having an exit strategy is key to figure out how to maximize your money when time to sell