Updated about 6 years ago on . Most recent reply
Advise sought for first time investor
I am hoping to get my first investment property inside of a couple months. I am torn between two options for me. This is for a house hacking quad-plex.
First would be minimum work to get ready kind of place. Update the floor/kitchen/bath kind of place. higher purchase price, lower forced equity getting out of it, but it gets my feet wet and learn in increments.
Second would be a house no one else wants to touch kind of home. A LOT of work to get livable, and months before renters could move in. Days and nights spent fixing it, working with contractors daily, and possible lending issues due to it's physical state. But in the end, lower initial cost, a lot of forced equity out for the next purchase. Scary part is thrown into the deep end to learn. No incremental learning, just there and have to swim.
I, honestly, lean for the option 2 simply for the equity out in a year when the house hack expires and I can move on to the next one. a refinance on it would make buying 1-2 more units very possible.
So... hit me. Opinions? remember back to your first investment and best advise for a noob...