Hi @Account Closed, I was in a similar situation about 5 years ago. I house hacked my first house (FHA loan, 3.5% down) with a few friends as room mates. I was also pretty fortunate for the market appreciation in Sioux Falls, SD at the time. I sold that house, paid down some student loans (still have a lot to go), and bought another house which is a live-in flip.
I would highly recommend house hacking to get started. This could either be a single family house, living with friends you think you can bare as room mates such as I did, or a 2-4 unit multi family and live in one unit, rent out the others, as others have mentioned in this thread.
I'm about done with the rehab and am contemplating my next move. I've got about $40k in equity I believe, so I am contemplating my next move at this point:
1. Sell it (tax free, it has been 2 years now) and buy another live-in flip project
2. Sell it and buy a new primary residence + investment property (flip, rental)
3. Stay in my property and get a Home Equity Line Of Credit (HELOC) to buy an investment property & Rehab it.
There are probably other options I haven't thought of or learned about yet. I'm still reading and researching to figure out what is next. If anyone has been in a similar situation and has advice on next steps, I'd love to hear it!
