I'm only 19 years old and i live with my parents and i would like to take advantage and start REI asap. I do not pay bills except my phone and car. I would like to quit my job and go full time real estate in a year and a half to two years. Is this reasonable? And should I flip or rent to acheive this goal?
@Josue Godoy This is a loaded question- If you are planning on being very specialized in a single area it would make sense to go one way or another...this is an oversimplification, but the point is to be diverse enough that you can process any type of deal...for example, really focus on an area you like well...like flipping, but learn how to hold properties as well, and whatever else you want to learn...as you grow, you'll be receiving many leads from different sources...and the point of this rationale is that you should have enough tools in your toolbelt to put your deals in a "best use" funnel...then profit on the other side.
I'm only adopting this position because you are so young and have so much time in the industry to elect to pursue and specialize in one strategy.
The simple answer is related to your goals...assuming you want passive income to replace your W2 means that you will need to buy and hold properties...similarly, if you start flipping properties, you're creating another job for yourself and creating a liability. (do some research and see why the most successful flippers in the country don't flip houses for more than a few years)...
Best of luck!
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