Purchasing my first multi family rental propterty
This is my first post on BiggerPockets. I am a brand-new member. I have been saving up money, and I have no debt. I want to break into the market and get my first rental property. My plan is to invest in a live-and-fix property. As a young guy with six months of free time per year, should I continue to save for a 20% payment for the next year, or should I pull the trigger and purchase with an FHA loan? Also if anyone has helpful advice for my first live and flip rental property that would be great!
Most Popular Reply
A live-in flip can be a great first investment. If the right property comes along, go for it don’t wait. When planning the renovation, make decisions with resale in mind, not just personal taste. And always plan your exit strategy. Worst case, make sure you can rent it out and still cash flow.
When touring properties, if you find one that’s already had a quality renovation, try to get the contractor’s and designer’s contact info. In San Antonio, it’s difficult to find good reliable contractors those contacts are crucial for a successful flip!