Flip or Hold to begin REI? Advice Needed for a Beginner!

[Tyler Porter]

Hello BP Members,

My name is Tyler Porter and I am relatively new to BP. I am 22 years old and have an extremely high interest in real estate. I plan to get into my first deal here in Findlay, OH in the next year. In the long run, my goal would be to build an extensive holdings portfolio that generates high amounts of passive income, and I would like to switch to REI as my full time career. I recently purchased my first single-family home which is my primary residence. I made several contacts along the way that could be very helpful when I get into this world.

Here is my question: Wait a few years and save enough money to make a sizable down payment on a multi-unit property, quickly invest in my next single-family, or flip houses to start in order to build a capital base quicker?

Being straight out of college, and having just purchased my first home, I am definitely on a limited income. In order to put a decent down payment on a multi-unit in my area, at this income, I would have to save for a few years. Waiting is not my forte, blame it on me being a millennial.

I would be able to invest in my next single family in the next year in the price range that I bought my current house, but I have heard and seen through my research so far that multi-family is the way to go if the goal is to build extensive passive income quicker.

As far as flipping is concerned, I understand there is a high cash flow involved in these deals. There are a high amount of foreclosures in my area that are selling for very low and I am confident in the next year I could have plenty set aside to purchase and flip. My mindset here, and please correct me if I am misinformed as I am just starting in this world, is that flipping can provide a quicker profit if done correctly and doing a few would be a good way to get high funds set aside quicker for a larger investment.

Any and all advice would be much appreciated! Thanks in advance!

Tyler