Hello Bigger Pockets community! I’m really reaching out for help with this post. Anything helps! My wife and I just sold our first property we bought ever and without realizing it we basically put a ton of sweat equality into the house. I’ve always wanted to get into real estate for many reasons and I figured with equality laying around nows the time but I just don’t know my next step. I do want properties I can make passive income from thru renting but I just don’t know how to start any advice?? I’ll take any!!! Do i buy move in ready home to rent right away? Do I buy fixer uppers and than rent them? I just don’t know.
Real Estate Agent · Denver, CO · Member since 2019 · 161 posts · 176 votes
5y
@Sean Jones you can do either. As a house hacker, I prefer ready to move in houses that have many bedrooms to rent out or can be duplexed at some point. If you are less comfortable living with people, I'd suggest going straight for a duplex-triplex and then live in a side for a year, rinse, wash, repeat. If you are both up for a challenge like a flip, remember to consider margins/rehab cost/lending requirements etc. and read the BRRR book by David Greene. House hacking is great because you can qualify for a low interest rate loan and move out/repeat each year. Read the House Hacking Strategy by Craig Curelop for help with this. Take some time to decide what is best for you both, as one method will fit your goals/preferences/location better than the other. Hope this helps!