First off, I'm sorry to sound so inexperienced, as I haven't any!
I currently live in Virginia Beach area and am looking to purchase my first home purely for investing purposes only though. I'm in the military but intend on getting out in about a year and I thought during my last year (give a few months or so) in Virginia I'd stop thinking about investing and just do it. I think giving myself a deadline will help me in the long run as well.
My initial idea was geared towards renting a house out, I thought being in a military area would be a great place to start seeing as families normally stick around for a few years then have to leave to due obligations of new orders given to them. But then I started to think, 'well, what about flipping a house?' It sounds like something I'd enjoy doing...but renting seems like it'd be a good long term investment as you gain profit from monthly rent while you pay off the mortgage. I'm torn as to what to do and thought this was the best place to start looking for ideas.
The thing about renting that appeals most to me, as I said above, is the monthly profit/long term. But I'm new to this and reading about property management scares the bajeebus out of me. I know for a fact I wouldn't be managing the property, I'd want to have someone else do it. Even with that said, I'm still unsure how to find a good property manager, how to manage my manager form a distance...questions upon question!
But then there is house flipping, which seems awesome. I'd love to do work with a house, my parents have experience in it, I've watched and helped them so I know a little about what could make a good flip. It seems to be more costly upfront, which isn't a bad thing but...how do I know whether or not the market is in a good place? Reading all these articles confuse me with the jargon that I'm not used to. Also, how do I know what other houses in the area are like, it's not like I can just barge in and see what they've done. I've read not to make your house the "castle amongst the street". Don't make is so glamorous..but how do I know if what I want to do on the inside is too much??
Does anyone have any experience they can share for a first time investor? What they think is a good place to start, whether to rent or flip? It's very overwhelming but if I could get pointed in a good direction it would help tremendously. I will continue my search through all these forums and websites and hope to hear back on this post! Thanks for any help you can pass to me!
