First Buy SF Home or MFR

[Dustin Ruff]

I'm preparing to buy my first piece of real estate. My intention is to continue owning and renting property. However I'm struggling on deciding on what my first choice should be. Do I want to buy a single family home to fix up and sell in a year or refinance, or do I jump into a duplex or other MFR? I feel like it'd be less risky to get the rental in case I get trapped in home with an upside down mortgage. Thoughts?

[Frank Wong]

Hi Dustin,

I think its always best to buy something that you can add value and keep it for a rental.  It's ok to buy and flip but that comes with a lot of risk with the one you mentioned of not being able to sell it.  Not all flips make money.  You will always be chasing the next deal.

Unless you are doing a ton of volume flipping you don't get rich by doing that.  You get rich by buying holding the rental and repeating the process.  Keep stacking it until you get to the level you are happy.  Keep it simple with real estate it is the best path.