Updated 16 days ago on . Most recent reply
First Time Father and First Time Investor
At age 29, I am choosing to invest in real estate to better the life I can offer my newborn child. I have spent the last year getting my fixer-upper house ready for our newborn and now (A/C install, patio, fixtures, flooring, plumbing, added bathroom, paint) I will transition into working on readying a rental unit or flipping my first property. I am deciding on finalized strategies:
1. Fix and flip 1-2 properties per year $180-200k purchase (light cosmetic updates), $260k resale, and hang on to 1 rental property a year if I decide I like the rental situation in a middle income area, 1031 exchange
2. Buy and hold Section 8 properties in the Greater Cleveland area, paying $45-55k/door. Acquire 3 properties and sell 1 buy one, 1031 exchange and trade up to a rental property in Parma or Lakewood
3. Fix and flip 1 nice property per year $450-500k resale, 1031 exchange
4. Visit as many nursing homes as I can and convince someone's grandpa to sign their house over to me to fix and flip it and go from there! Haha :)
Where am I going to go wrong? What am I doing right? Open to listen to what you have to say. Thanks!
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#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
There isn't gonna be a final strategy that you do your whole career. You do the deals as the opportunities are available. Would you not do a great BRRRR that came across your desk simply because you arbitrarily decided you were going to do a FLIP that year? Doesn't make any sense. Do the deals as the deals become available. Stack the W's.