All Forum Posts by: Account Closed

@Will Chamberlin, thank you for input!

I am trying to start with flipping due to issues with characters treatment of rental properties. Additionally, the fiancée has only really agreed to flipping where our neighbors do not live on top, or directly on side of us. I know this limits my situation a lot. But if I get to rope her money in with mine, I feel I should make a sacrifice by letting her have some space... Even if it is a construction area haha!

When I own secondary properties I will be happy with rentals + multi families. Any area in particular you focus on for your multi families Syracuse wise?

I don't want to be here either..

In regards to Aaron and Tim's comments, I agree on not being afraid to admit I cannot do an adequate job at something. I have the problem of being a soon to be graduate (in May (2018)), with a B.S. in Civil Engineering w/ a job already signed up. I always want to dive into deeper water than I can handle, and feel that is my only way to learn well. Drywall, paint, tiling, trim, and that's about all I want to handle haha.

I need to establish a good set of contractors, I so far only have "family & friends," not bonded, so a potential liability... Realtor wise, only know of one. Have to start building relationships somewhere.

Additionally, I seem to be lacking in knowledge on when I 'need' a contractor/engineer/architect.

I.E. I rip down a wall and studs (non-load bearing wall), I have an electrician wire new setup, can I personally set up the studs and go crazy myself? Not sure if it is state dependent, I assume it is...

Mindy: Unfortunately Mike is West of Rochester, so about 2 hours away from Syracuse unfortunately.

Still open for any input you have Mike!

Thank you 

I am in a similar situation; so my advice has no proof to back it, or value really...

But, is the gain expected (on property flip/rentals) and probability of that gain 'WORTH' it to risk, over paying off debt that will forever follow you? If you're confident enough and have corrections it's still a risk, but a safer risk. I lost over 60% of my networth in stocks, the joys of being a day trader..... Yet, I am still excited to jump into a new field and learn. I can't take my money when I die!

Novice here, looking for investment property (no rentals) w/in 6-10 months.

Areas of interest in Central NY - West, South, and North-West of Syracuse, and East side Auburn.

Question:

First time home owner; to buy first flip property as my FIRST and PRIMARY residence, or buy a home to stay in personally, and wait 2-4 years to build more cash for purchase of secondary/tertiary properties on the side to be flipped? 

What are major concerns for the decision; and how many started out flipping their primary residence and rehabbing while living there?

Situation:

As a first time home buyer, and first time flipper, Fiancee and I expect a 2 year property to avoid Capital Tax Gain, and allow for time to DIY as much as we can comfortably do. This is if our primary residence is to become the flip. 

Dual income no kids ~$110k/yr. Kid w/in 2-3 years of future.

I worry that by not wanting to be in the "thick" of Syracuse, and not going for rental properties, the probability of success is decreased 33.3%.

I am trying to be vague on our specifics so hopefully other uses may see the mindset.

Thank you,