Dilemma (Buy to live in or buy for rental)

[Jason Gaxiola]

Hi BP I have a dilemma and looking for help. I'm new here and looking for a little advice. I am in the market to purchase my first home but I'm also looking to build my portfolio.  I have about 220k in cash and excellent credit.  I am currently looking to purchase a home in Lakewood, CA. Is there any house hacks in Lakewood or any suggestions on how to purchase a single family residence while also purchasing a rental property.  I am all over the place and not sure where to start my investment.  Any help or direction is appreciated.  Also interested in investing in house flipping.  Like I said I'm all over the place so just looking for a little direction.  Thanks

[David Eiges]

One idea, if you were to take this on yourself is to purchase a fixer-upper as a primary residence and do a live-in rehab.  After 1 year, move-out and rent it.  After that,  if the value has increased, you can refinance if interest rates are still low and cash-out some to purchase another property.  A big advantage of doing it this way is that you would need to put a lot less money down to purchase the property as a primary residence than an investment property.