Updated over 9 years ago on . Most recent reply
First Time Investor
A few months back I bought my first 2 Unit Building here in Chicago. I used a 203k to upgrade the bathrooms & kitchens in both units. I also reside in one of the units. I definitely want to do another one, I'm just trying to figure out if I want to do a flip of a multi unit or use as another rental property.
Any feedback would be greatly appreciated.
Most Popular Reply
@Carlton McDaniels. This may be just me, but I am really into rentals, especially when you are starting out. There are just too many things that can go wrong in a flip, so when you don't have a cash-flowing portfolio that can absorb the extra surprises and holding costs, you are taking a big risk when your main plan is to flip. There are also just so many people doing it that it's hard to find actual deals. I would strongly advise continuing down the rental route so that you can get more experience in the field and build a cash-flowing portfolio more apt to handle the risk of a flip. Hope that helps!