Your suggestion for first deal?

Question

To those seasoned and/or knowledgeable investors, what do you recommend to a newbie who hasn't done a deal before, do first? Rehab and Flip? or Buy and Hold? and please include why.

Thanks,

Seang

Seangy Sum · Answer

Thank you very much for the insight, everything you have said has made perfect sense.

I'm planning on speaking with my Mortgage Lender about securing a Streamline 203K loan; since I don't have enough of a down payment for a conventional loan. My goal is to find a property to rehab and flip to be able to finance a loan that doesn't require to be "owner occupied". This way I can acquire rental properties for long term cash flow. What do you think?

Thanks again!

Cory Boren · Answer

The goal is to obtain assets so buy rentals.  If your job affords you the opportunity to do so at a faster pace than flipping then continue that course.  If not, flip and invest the profit into rentals.  Flipping is not passive income so you are essentially creating a job.  Passive income is key.

Patrick C. · Answer

@Seangy Sum

Depends on your goals to Seangy.  How much cash do you have? How much risk are you willing to take?  Which market do you want to be in?  Do more research and readings.  I myself am learning.

As all the podcast stated, REI is not quick way to get rich; you have to be willing to invest your time and effort, like anything else.  Good luck.

Micah Copeland · Answer

@Seangy Sum

This is like asking if what we suggest you to eat for dinner. Everyone has different taste buds.

I personally think its a great idea to start with wholesaling. My reasoning is that if you can learn how to find off market deals then the possibilities are endless.