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Updated almost 6 years ago,
Options for best path to start investing
I'm working on getting into investing but trying to decide the best way to get started that ideally will help me grow and scale the best as well. I've been doing some research I've been doing research on here and connecting with others and have come up with some options.
First a bit about me which may help. I am a certified home inspector for a living so I know the ins and outs of houses, materials, ages of equipment, ect. I'm also very handy and can do a lot of remodeling projects myself and have access to tools to do a majority of them, I'm just not the fastest and only have so much time to do them around work schedule. Currently live with family in which my rent is being maintenance man for the house lol but this is allowing me to save at least 2k a month to be used towards investing. I currently have 6k saved so figure in 10 months will have 26k.
Options I have learned about, thoughts, and questions
1) Live in flip - low down payment and I can use my remodeling skills, plan to be sell in 1 year, but would I pay capital gains tax? does it have to be 1 year?
2) Live in Multi family - Most likely a duplex based on where Id want to still live, but should be able to cover mortgage and probably fix it up as well with the plan to rent it out completely after 1 year. Figure this I can continue to save and probably do another one of the options.
3) Fix and Flip - Saving up so I have the funds to get a HML in order to complete the flip
4) Turn Key Rental property - Saving up so I have the down payment in order to buy a turn key rental. I want to acquire rentals so I can set up the monthly income stream, but this seems very limiting at the front end as Id sink a lot of money for a slow return.
5) BRRRR - For me this seems like one of the most ideal ways to use saved up money and be able to repeat. Hardest part is finding the deals
6) Partnering - For items 3-5 which can be done at any time of course, which I'm sure will get easier as I gain experience and more connections.
7) Boots on the Ground Partner - This is something I thought could work well for out of state investors looking to invest in the Hampton Roads VA area. Basically I'd be boots on the ground here, looking at properties, watching over work being completed, providing updates using pics and vids or facetime. With this the partners shares would be modified based on risk. I could also invest some money so Id have "Skin in the Game" as well.
I'm sure I will end up using a mix of these ideas, just looking to get thoughts from others or see what methods others have used to get started and grow. The over all goal of course is to reach financial freedom and do real estate investing full time. But if I can even get to were Id only have to do 4-5 home inspections a week vs 8-10 I'm doing now that is running me ragged would be great.
P.S. Not really interested in doing wholesaling but am working on growing my number of incoming property leads and local connections for whatever I do.