Should my first deal be a multi, flip or long term flip

[Arthur Wilson III]

Hi to my fellow bp members so I’m 27 looking to get my first deal in real estate my question is. Should I buy a duplex, tri or quad as my first deal doing a live an rent an pocket cash right away or should I seek a partner to do a flip or buy a long term 2 year live in flip an pocket some money after the wait is over with taxes. I’ve been working at a dealership for a few years now so I qualify for a mortgage I make decent money I believe I could use the money in my 401k as a down payment that I may have to payback. I’m open to sound advice just trying to make a good decision. By the way my market is Michigan I’m a Detroit native yes property is cheap in some areas but don’t get it twisted Detroit has some areas with high value here also there are surrounded cities with great markets as well. Thanks I appreciate all the help from those who reply. 

[Thomas S.]

Yes to every option you suggest.

Your decision will be based on your own business plan. You need to thoroughly study all the aspects of finances and investing and learn your markets. You can then develop your own plan not simply take random suggestions from strangers on line. Our advice will be to do any one of the possible options as they all make money when done right. Done wrong, based on you and your market, and you face bankruptcy.

Decide what works for you and make a business plan to follow. Remember you are starting a business not simply investing money. It is not a simple process and most will fail due to poor planning based on lack of research.

Step one is to learn everything about the business first. You do not need random advice.