The debate continues. Should you be a buy and hold investor or a wholesaler/flipper?
Why not a combination of both?
Buy and hold is a long term investment like your own personal 401K. The purpose of these properties is to give you wealth for your retirement. But they're more than a bank account. They are your bank.
Flipping/wholesaling is an excellent way to make money now. Many successful flippers have been able to quit their jobs and work real estate full time. [tag-tec]Flipped properties[/tag-tec] bring in the [tag-cat]money[/tag-cat] to live off of now.
If you want to quit your job sooner than later- flip. Set reasonable goals of two years, five years and ten years. Learn how. Do it right. Get your network behind you. If needed, get a trusted bird dog or two to help you find the deals. Pay them well.
And yes, you can also make a good living as a [tag-cat]landlord[/tag-cat]. People who tell you otherwise are just wrong. There are too many landlords out there who are doing it successfully.
But that means a buy and hold investor needs to be frugal and should know how to deal well with people. If that’s a weak spot, sub out this kind of dog work. Get a part time or a full time assistant to help with the daily detail time killers. Organization you can live with is the key. Don’t allow property management to dictate your life. Frankly, life is too short.
At a certain point, which is the sweet spot, you don’t have to go to the bank to borrow anymore. You can use you income- producing properties as lines of credit.
There’s the simple formula. Experiment. Find out what works for you based on your personality and markets. Chances are the more you look, the more you will see multiple opportunities for real estate success all around you.
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