Hello, @Anxhela Musta , wel come to BP! Newbie investor here too trying to do about the same thing.
Currently, I am considering house-hacking so that I can save more each month towards other investments but I have considered a quicker house flip to gain some capital. Research your market and find out what's going on in your area, talk to realtors, other landlords, friends, and see if you can find a need. Are people wanting to buy and stay for the long term or are they renting more often? What's the average price point (including taxes/holding costs/etc.) for buying/selling houses and what's the average monthly rent/lease in your area?
Check out the guides section on BP: https://www.biggerpockets.com/guides
I highly recommend reading
- The Ultimate Beginner's Guide to Real Estate Investing
- How to Buy a Duplex: The Ultimate Step by Step Guide
- How to Flip Houses: The Ultimate Guide
You're in the right place, you're in good company, and strongly encourage you to keep asking questions and educating yourself. If I can help in anyway, feel free to message me!
Congratulations on starting your investing journey! I think it's fantastics that you're open to this new venture and taking the steps to change your life! Since you are a renter at the moment I would start looking at some multis (pref 3-4 units) and see if you house hack and make sure your expenses are low first. Larger units means you can cash flow better and you'll still qualify for FHA low down payment programs with must more attractive rates.
I'd start with that so you can create a little bit of cash flow after some updates in the unit and gain some rehab experience that way. If you're able to find a BRRR property and refi after 6 months you can get that reno and down payment money down and start on your first flip property.
Make sure you interview the right agent to help you with this .. they will be able to comp you the right property and identify good markets for you to invest in.
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