Originally posted by @Rush Wall :
@Ricardo Carey are you trying to flip or acquire rental properties?
@Rush Wall Long term i would like to acquire rental properties, but i feel like in the short term flipping will get me there quicker
@Gregory Patterson Yes, our situations are quite alike. It took me a while to accumulate what i have and i don't want to mess things up on a bad deal, that would be devastating! I need my first deal to go well and catapult me to do more deals in the future. I'm looking forward to hearing about your next move as well, Greg. Wishing you much success, keep us (BP) posted
@Ricardo Carey you should look into joining one of the local REIA's and visit some meet ups to start networking. IMO your best option would be the BRRRR method or a cosmetic flip. Since you have 30k saved up, you will want to get pre-qualified with a traditional lender for a loan to purchase a property and use your 30k for the rehab.
I would skip the flip and try to house hack a multi family property. Preferably , a duplex that has the possibility of being turned back in to a single family home at some point in the future. Owner occupied loans require much less of a down payment.
@Ricardo Carey , @Gregory Patterson , start with financing. Start by talking to a lender at your main bank. What's your borrowing capacity? What will they finance for you? What are you other finance options? It will give you an idea of what you can do. Flips - don't forget the taxes. IRS will take about 50% of your take on the flip. For the first deal, I would look for something rent ready, or almost rent ready. Rent a place for a year or two, buy another one - rehab and sell your first one. Build a pipeline. This way you are paying long term capital gain taxes or doing 1031 exchange and paying no taxes. 30k should get you into 120k-200k property. Ask more pointed questions for the better answers :) Good luck
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