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Updated almost 5 years ago, 12/03/2019

User Stats

6
Posts
1
Votes
Ryan Hoffman-Scranton
  • Rental Property Investor
  • Glens Falls, NY
1
Votes |
6
Posts

My first house hack/ selling my current single family home

Ryan Hoffman-Scranton
  • Rental Property Investor
  • Glens Falls, NY
Posted

This coming year I will be taking my first step in the direction or real estate investing. I'm 27 years old and I purchased my first single family house at 25. After a few updates and repairs I plan to sell my house and buy a multi family home which I plan to occupy. I'm specifically looking for a 3-4 family home, which is very possible in my area (upstate NY) however, I am not opposed to the idea of a duplex if the price is right. 

   With the money I'm saving on a mortgage, which is currently almost $1000 a month as well as the profit I anticipate making on my house (after many updates and repairs) I plan to invest in my first flip. I currently work as a union carpenter and have been involved in the trades since I was 16 years old. I do not plan to hire any contractors to help with the flip. Any work that I don't feel comfortable performing on my own, such as electrical work and some more involved plumbing would be taken care of by friends and acquaintances who work in the field professionally.

  I will add that I do work full time and plan to do so full time until I get to a point where it just doesn't make sense any more. That being said I currently earn 65k-80k per year.

  Just looking for some advice/opinions from those who have been here before. Anything you would do differently? Where would you go next? Is a flip a good next move?  Thanks in advance!

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