If you were in my shoes - First Property

[Nolan Merrill]

Hello BP! Looking for some advice :)

I've been learning my new market, driving neighborhoods, scouring listings and keeping my eye on old listings/foreclosures etc. Currently I own no properties and ideally would love for my first action to be a successful flip to get jump started with some experience.

If you were me, a 23 year old with good credit, average job, approx $10k for a down payment, and no collateral...what would be your goal for deal #1?

I've considered the idea of a live-in-flip or at least getting a renovation loan of some sort and selling down the road.

Fear arises in me when I think of private or HML and have no idea if they would even lend to someone of my experience.

I'd love to take a step and make offers, I just have no idea how I should go about it with the financing. 

Sorry for the long post...but what's your take BP, what would you do?

[Billy Au-Yeung]

If I were you, I would take that $10K against a downpayment for a duplex.  As a first time home buyer, you may qualify with merely 5% down. You live on one unit and lease out the second unit.  From here, you get to own your first property and live free because your tenant is paying your mortgage. You should able to save more money since you don't have to pay rent. You are able to save from your salary and build equity from the duplex at the same time. Isn't that sweet? This is what I would do if I am in your shoe.