(Advice) Focusing on one thing

[Matthew Ward]

Good Morning BP! I’ve been stuck in the same place for a long time, and I could really use your advice.

I live in Duluth, MN. I am a full-time single father who dreams about invest in real estate. My long term goal is to build my own vacation rentals. I’ve been back and forth whether I should flip first, house hack, invest in long term rentals, or get right into vacation rentals.

I would love to dive right into vacation rentals. It excites me more than any other form of REI. I only have about $10k saved currently. I'm living with a friend now and I've been looking for a duplex to house hack for the last 4 months or so, without any luck. I could really use the income to offset my mortgage. But if I use my money for a down payment, then how do I continue to invest? I've been looking for a property with enough value add to refinance some cash out, but not having any luck. My other thought is that if I rent somewhere for now, and then use that money as "skin in the game" for the hard money lender I'm preapproved with, to flip a property, I'll have more cash to invest in either a duplex or vacation rental. Wish I could figure it out and be able to just focus on one thing.

Any advice would be greatly appreciated. Thank you BP

[Matthew Ward]

This reply is long overdue, but I want to thank everyone that responded for their advice. And I took it.

This summer, in July, I closed on my first duplex of which I have been house hacking. I live in the upper unit and my tenants are wonderful and are currently paying for my mortgage.. or my daycare expenses, both just about the same. The duplex needs some upgrading inside and new siding and windows, but I'm not sure it makes sense to do those repairs right away because even though it adds value it likely not leave me much to pull from after the 20% that needs to remain for a HELOC.

My new goal before I get into vacation rentals is to flip a couple properties using my contractors license, to acquire some cash so I can build my own house and eventually start acquiring vacation rentals.

Thanks again everyone!