So, after some extensive research and listening to various podcasts here on BP, I have found a couple of strategies that pique my interest.
I would like to initially fix and flip properties and then use the capital/leverage to buy and hold properties, possibly renting these properties out for passive income. My end goal is to have as diverse of a portfolio as possible and possibly supplement the income of my current job.
I have been reading about how fixing and flipping is a JOB. I understand that and would like to use that a a base or platform to move into more passive type strategies.
Has anyone out there had any success with this type of gameplan? Are there some things I should be aware of? I am curious to know any and all opinions on this? Thanks!
I started out buying short sells and lease optioning them back to previous owners. It was only by accident that I got into that. When I had one where the owner walked I was faced with a property that needed rehab. I fixed it up and sold it so I was in the flipping business. I now flip and also hold some as rentals. I decide before I buy what the strategy for the property will be.
The strategy of flipping for the purpose of ultimately buying and holding is working so far for me. I also loan money out.
Since I don't want to be directly involved in the rehab I have always had a partner who did the hands on or I have used contractors. To me it is essential to have contractors in the area you want to buy(I am in 4-5 states). I like to have a real estate agent also. I have had experiences without them and it is a disaster.
Good luck in your endeavor.
Hey thanks for the insight Bill-
When you say that you lease optioned short sales back to the previous owners, what exactly does that entail?
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