Questions for Starting New

[Lucas Gunderson]

I've constantly had my eye on the quick, big prize of flipping properties but have recently had a reality check and realized that maybe this isn't the best route to go. Can someone give me some insight on proper investment strategies? We are relocating to a new area and I have a great job. We're looking to start an investment portfolio by finding a way to make good/great money on a first deal and growing steadily from there. We both have outstanding credit and have been looking at HUD and foreclosures. We thought about the possibility of renting (it would be paid temporarily) while we tried to do a quick flip, but we realize we need more experience before we jump in the boat with no paddles. We are now looking to find a HUD/foreclosure that is liveable and living in the place while we renovate...even if this takes a year. Are we looking at this from the right perspective? Can the return still be high? Can we even find a liveable HUD/foreclosure and how difficult will this be?