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Hello all! I have been listening to the BiggerPockets podcast, and decided to venture into flipping houses. I bought my first house a few years ago for a steal. It was a foreclosure and needed a little bit of work, but after doing some projects, I realized I was thinking, "man, if I could do this all day I would!" I am not quitting my job, but I am looking to buy my first property when I find something that fits my target range and ability.
Vincent most investors I know do not hold for 15 to 30 years on a single property. You calculate an opportune time to sell for your alternative investment property. You then sell the property with a 1031 before the large capex hits into a newer property unless you hold for redevelopment. One negative is not much depreciation with these cheaper houses. Another is type of tenant is more time intensive to manage. I think it is great what Dawn is accomplishing.
I'm looking to purchase my first home. I have a pre approval from navy federal with no money down and no pmi, which I thought was outstanding! I'm thinking about switching to their traditional conventional where they only require 5% down and still offer no pmi but the rates look a lot better than the 100% financing option I picked. I am very interested in the house hacking option. I found a property in my area that has a main home 2/2 with a detached 1/1 & 1/1 duplex on the property.
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