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Updated almost 6 years ago,
Strategy Help to plan moving from 1 live in flip to another
Trying to poll suggestions as I strategize my next move. I purchased my first home for 3bed 2 bath 1404 sq/ft ranch with detached 2 car 96k in a B neighborhood 45424, put 10k into for reno (all DIY) with a presumed sale tag between 125-130k sale/ 950-1150 rent per comparables. Long story short needed a place to live quick and wanted to get my feet wet knowing house #1 may break even. I think selling this house would make the most sense to get my $ back out and renew my liquid reserves for a property with more potential reward.I have about 5k liquid cash (outside of personal savings) and plan to find a property between 50-75k in same zip code with the intent to start turning each live in flip house into a single family rental. I'm comfortable with essentially all the labor and have experience with most plumbing, drywall, electrical, paint, etc.
Other noteworthy points. 26 years old and work as a 9 to 5 as a Master's prepared nurse with a base salary of 75k but wish to set myself up to transition from nursing and build financial freedom through Single family and/or small multifamily rentals. I have 18k left of student debt (bachelors and masters combined) and want to pay that down while doing my first couple live in flips. Am open to small multi families as possible live in flips as well.
Moving forward is it best to purchase property B and float two mortgages until property A sells? What other solid options do I have that I'm not thinking of? I'm approx 60 days from being ready to put house A on market.
Thanks,
Dyl