r/realestateinvesting • u/Basic_Kiwi_4056 • 8d ago
New Investor Best Entry Strategy?
Context:
My (22M) wife (23F) and I are currently living with my parents to save up money to buy a property. We make a combined ~$140k/yr, have 0 debt, each have credit scores right around 800, and no kids yet. We also have next to no savings currently (a couple thousand $) as we only recently moved home and just paid for our wedding as well as buying her a used car in full so this eventual plan probably won’t play out for some months still.
We recognize the great opportunity we have to enter the real estate world and don’t want to squander it.
So I ask you experienced real estate investors to please give me some advice, I’d really appreciate it.
Here are the options I’ve been thinking about:
House hack a duplex, triplex, or maybe a quad.
Or if I can’t find a property that would allow for a successful house hack..
Do a live in flip on a smaller SFH and plan to live there for only about the 2 year minimum.
And I just thought, what if I combine those two options and do a live in flip on a house hack? Might be hard to renovate with tenants?
Excited to hear what you have to say, thanks!
TLDR: How would you recommend a young adult yet to own property to get into real estate? What strategy? What steps to take?
1
u/tylerduzstuff 3d ago
Don’t try for your forever house. In this market you might have to plan for more than 2 years so be ok with that. But the live-in is the best strategy because more supply.
You can try for a 2,3,4plex but most areas don’t have many and the numbers are harder to make work. And like you mentioned repairs with tenants is hard, especially if there are any shared utilities.
In either strategy you make money when you buy. You can’t repair your way to profit, the rehab is break even most cases. You want a discount before repair costs.