Next Move after First Closing: Renting or Flipping?

[Christian Lautenschleger]

First I want to say I'm not looking at buying a property next week (or month), but I am looking at the future.

Nevertheless, I'm looking at two directions for my next move.

I can stay with rentals and trying a SFH, or attempting a rehab.

With a rental I will have more experience with it as I've just closed a duplex. My experience will further myself down that road. I'll have cash flow and build equity.

On the other hand, I can go for the chunks of change that rehabbing can facilitate. I view myself as a quick learner. I have a lot of learning to do, and optimally I would find a partner, either full and partial if I can find a mentor/coach with whom I can learn from flipping a property or two. A higher real estate IQ is required, but is doable with some knowledge.

A third one could be a combo: buy a rehab duplex and fix it up to do either. If it's not horrible, I could even live there will (quickly!) rehabbing it. In any event, I view my first flip or two as learning and on the job experience.

You thoughts?