24yo, What to do with capital

[Account Closed]

Hi Bigger Pockets,

I'm fortunate at 24 to have no student debt and about 70k in on hand cash to buy some real estate.

What I'd like to do is purchase 1 or 2 SFR and start riding the mortgages out, but this doesn't leave me with much growth potential in the near future.

Would love to hear some feedback addressing my plan and the predicament it leads to.

For the backstory, I have purchased a duplex with my father that we are nearly finished renovating and then I will have a great income producing asset, though I have a loan to pay off there. 

Hope I didn't leave this too open ended. 

Thank you and excited to join the community!

Jon

[Andrew Michael]

If I could do it all over again I would house hack.  I am going to take a leap and assume you are not married and do not have kids.  This is the perfect time to buy rundown/ dated properties and slowly fix them up.  This allows you to gain experience, take your time, and leverage your risk as opposed to buying flip projects out right or putting all your money into a single project.  It sounds to me like you are already have the investor mindset and have done a few projects so this strategy would be a nice addition.  

With 70k, you have enough to do traditional financing on your house hack project while simultaneously flipping a project using hard money.  That's short term income from flips along with built in equity and growth with your primary residence.  Once your primary home is complete you have an option to sell out and take all of the gains or retain it as a rental property (something that should probably be decided before hand as it will effect the types of renovations you do).