Should I Flip Houses Or Should I Buy A Multifamily Or BRRRR?

[Mike Schorah]

Half of my family works in residential construction. Flipping houses seems ideal since I worked in home improvements for 5 years, including owning a construction company as a general contractor at one point.

I never initially invested in a multifamily because, in my area, they are all in bad areas. I never seen any multifamily properties listed in good areas. I never wanted to house hack a multifamily and live in a bad area.

A goal of mine is to move to Florida. Because of this goal, I thought it would make more sense to flip houses since that type of business is easy to relocate opposed to buying a multifamily. I’ve seen multifamily properties in my market listed for months and years even. They seem more difficult to sell. I don't want to move to Florida right now because I'd have to take a salary cut which would reduce my standard of living and would reduce my opportunities (i.e. direct mail marketing) for off-market properties.

I’ve been studying and reading about flipping houses for the past year.

I currently have a W2.

I wrote off BRRRRing properties since I plan on moving to Florida which would make it more difficult to relocate opposed to flipping.

I’m ready to at least look for a property. If I flip houses, I’d like to find deals for other house flippers first before taking the risk and jumping in to flip.

Investing in a multifamily started to appeal to me when I saw a BiggerPockets forum post where someone answered that buying a multifamily is the fastest way to get out of a W2. It seems like flipping houses full-time is something that is rarely accomplished. Not sure if this is wrong. I’d prefer to be on the side of statistics.

Then, I read on the forum post where the consensus seemed to be that BRRRRing was the best way to get out of a W2.

Should I flip houses or should I buy a multifamily or BRRRR?