Updated almost 11 years ago on . Most recent reply
First Entry-Eyeing the First Deal
Hey all. So I have set a goal to flip one home as well as buy and hold another in 2015. With 1/3rd of the year behind us I haven't had much progress other than learning how to use the MLS more effectively and creatively. I came across a good deal (by price alone) but didn't have funding ready to pounce. Deal one gone. Now I've found some other potential properties to jump on, both could fit the bill as a flip or a rental. One is a small condo about 30k below comps and the other two are 3/2 SFH with a range of 25k+ on comps on the same street.
Any suggestions on what step I should take next? I know the best teacher is experience but the question is, what class am I going to take.
Most Popular Reply
Not nearly enough information here to give a proper opinion but I stay away from condos because the spreads are much lower and the HOA can eat into your profit pretty easily. It's all about the numbers though. If comps are selling within a week on the market then it might be worth it if all other numbers make sense but I would personally focus on a single family for my first one.
It really is all about experience though. Once you take the first step, you are forced to keep moving and learn along the way. Just make sure you are making a little money along the way.