First Time Investors

[Cassandra Greenwood]

My husband and I are ready to make our first leap into real estate investing. We have two possible ways we would like to start this journey but keep finding ourselves struggling to pick between the two or deciding to do both. We currently live in a house that doesn’t require us to pay rent or have a mortgage.

First option- house hacking a duplex.

We currently have no debt so getting approved for an fha loan for about 200k is not a problem nor do we mind living next to a tenant for a year and then moving back into our free home. The reason we’re choosing to house hack is because we can get the property for a lower percent down instead of 25% down for an investment property.

Second option- We have a mentor who is willing to help and show us the processes of rehabbing and flipping. Our mentor is very successful and doesn’t mind doing a couple of deals with us to get us started as long as we bring our part to the table. Which would be being the legs to the entire project just using him for guidance and instruction. After we’ve done a few deals with the mentor we would like to rehab and hold the properties.

We’re looking for an outside perspective to shine some light on our situation. Should we focus on one option at a time or go for both?