Hello! My name is Bredell Mitchell and I’m new to bigger pockets community and real estate investing in general. I have been a wholesaler for a few years and want to learn how to transition into owning properties for cash flow. Very excited to be here!
Hey Bredell, I'm in Madison and happy to chat more sometime. Assuming you want to invest locally, I'd say keep doing what you've been doing to find off market wholesale deals and if one makes sense reach out to lenders. As you know, Madison like most any market it seems, is seeing super low inventory (on the MLS) and high buyer demand for single family homes (last week I was amazed to hear of a property out in Cross Plains (small community about 20 minutes from Madison) getting 30 offers and got bid up WAY over asking) so with so many people competing for homes they want to live in, always found if you want rental income you really have to get into multi-family units. That said, if you find good deals on single family could do very well flipping in this market or wholesaling as you've been doing.
All been said before, but the cheapest way to get your first property is to owner occupy and live in one of the units (for conventional 2-4 unit loans).
Good luck, Peter
@Peter Falk thank you for all the insight! I will definitely take a look at multi unit and living in one of them. I think after reading more about what you’ve said maybe be the smoothest transition! Thanks again!
Welcome to BiggerPockets Bredell and good luck investing!
Hey Bredell, welcome to the Fam! How's it?
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