New Investor Seeking Advice / Looking to Network

[Mike O'Brien]

Hello All,

I’m looking to start my real estate investing journey and hoping to get some advice / recommendations from CT investors. I’ve been reading books and listening to podcasts for the past year and I’m ready to take action but I have so much to learn. I sold my condo in January and moved into my gf’s apartment where I am spending VERY little on rent and saving up. I work in Middletown and the options I’m contemplating are below:

• 1) House-hack a duplex using an FHA loan so I only have to put 3.5% down. This way, I can save up to start doing flips eventually.
• 2) Flip a single family while still renting with my gf since I'm spending so little on rent. However, with the way the market is right now, I fear the timing isn’t great. I’m wondering if anyone is having success flipping during these times?
• 3) Buy a single-family and do a live-in flip.

I am focusing on Wallingford since there are a lot of multifamilies and property taxes are very low (I’m also pretty familiar with the town) but I’m looking for recommendations on other towns with low taxes and potential for good deals that are within 30 minutes of Middletown.

Lastly, does anyone recommend any investor-friendly agents and good CPA's? Any advice and / or recommendations would be greatly appreciated! I’m also looking to meet other local investors as I begin this journey.

Thanks.

[Filipe Pereira]

Hey @Mike O'Brien, welcome to bigger pockets! 

It's great that you have your living expenses down to almost nothing. Often that's the biggest hurdle in being able to save for investing. 

With the market the way that it is, I would say option 1 or 3 are probably your best bet. In option 3 you're still banking on the market to continue to appreciate, so that does make me hesitate a bit. As to option 1, with the market being as crazy as it is, seller's aren't really inclined to take FHA offers at this time. However, this doesn't mean you can't get lucky.