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Updated over 6 years ago, 06/18/2018
advice on next investment
So I have a few things in mind and not quite sure what would be the best investment. Right now I currently have one single family home that I rent out. It cash flows $350 a month. Great renters and have had it about a year and a half. No problems always pay on time. That's what has got me into thinking about another rental. Buy another single family home and rent it out or try and look into getting a multifamily home? Single family seems to be easy to rent out and I feel like people are more likely to stay longer in single family than apartment. My renters have the whole garage packed with stuff doesn't seem like they are likely to move out any time soon. A small apartment building might be more of a challenge financing as I only have about 15k to put down on something. Researching and financing would be good experience for me though.
My second option is fix and flip out current home we bought last year. We got a great deal on it for 150k. The bank appraised it for 185k at closing before we even had the keys. The homes around our neighborhood are going for around 200k. I feel like it would go for 200-250k easy, it's a very nice home. It's 3 bed 3 bath and has the perfect square footage to add a 4th bedroom down stairs and egress window. The flooring upstairs is rough, old carpet and laminate flooring. Hardwood flooring and new carpet would really make this home perfect. Those are the only real things holding it back. We love the home and getting my wife to agree to move will be very difficult. She thinks we would never find anything as nice as this for the price lol. Our taxes are extremely high though for this area and why I want to sell. I'm sure we would make a big profit off it.
So do I fix and flip our current house? Seems like the safe thing to do, or invest in another rental? I'm 30 years old and I feel like investing in rentals would really have me set towards a much earlier retainment down the road.
Thanks for the advice