Buying a Duplex or Fixer-Upper

[Jared Baker]

Hello BP!

I was hoping to get some input from the community about what to do.  So I am actively looking for my first deal and was wondering if it is better to buy a duplex or a fixer upper first.  The duplex would allow me someplace to stay for little to cost but I can only save what I am currently paying for rent.  On the other hand I could but a fixer upper, pay the payment on it and then hopefully sell for a small profit to help fund another deal.

Thoughts?

[Guy Yoes]

I would think house hacking a duplex would be a good first step. You can save some money on rent and get used to being a landlord. If it goes well you can move out later, refi and buy a house to rehad / flip while you live in the house.

Unless you are an experienced flipper or know a lot about construction, I would not try to flip as your first experience. It can get very costly and is risky.  If you want to flip, find a partner with experience.

good luck.