Hi Brandon,
I agree with the replies here!
Just to add: as a first-time real estate investor, it's important to carefully consider your options and make a plan that aligns with your goals, risk tolerance, and financial situation.
Here are some things to consider:
-Buying a multi-family property and renting it out can be a good way to generate income and build equity over time, but it can be competitive in some areas and may require a higher initial investment. You may want to consider expanding your search to nearby areas or adjusting your criteria to find properties within your budget.
-Using a 203k loan to fix up a property and flip it can be a viable option, but it can also be risky, especially if you are new to real estate investing. Flipping requires careful planning, management, and financial discipline to ensure that you can cover your costs and make a profit. It's important to do your due diligence, run the numbers, and have a solid plan in place before pursuing this strategy.
-If you do decide to flip a property, it's important to have a backup plan in case the market shifts or you encounter unexpected challenges. One option may be to rent out the property if you are unable to sell it for a profit.
-As for the decision to rent or flip, it ultimately depends on your goals, risk tolerance, and financial situation. Renting can provide steady income and long-term equity, while flipping can generate quick profits but requires more upfront investment and carries more risk.
-When working with a real estate agent, be sure to communicate your goals and concerns clearly and ask questions to ensure that you fully understand the process and options available to you.
Overall, it's important to do your due diligence, run the numbers, and make a plan that aligns with your goals and financial situation. Consider speaking with a financial advisor or real estate attorney to help guide your decision-making process. Good luck with your first investment property!
I hope this helps. Best of luck to you, Brandon!
