Hi everyone,
I''ve been thinking for the last few years about buying a second property to rent out or flip for the profit. Anyone have experience in this? I know there''s so much involved and have done some research but always end up putting it off longer. I''m going to be selling my place in the near future and could potentially have $ for a down payment but am very unsure of which way, if any, to go.
In terms of renting, I like the idea of monthly $ although I think the likelihood of making a profit soon is unlikely. Also, I am planning to move out of state in a couple years so i''d sell then. Not sure if i''d really make enough to be worth it. In terms of flipping, I worry about buying in a not so good area and then doing all the renovating necessary. It could not sell or I run into many other problems.
Any experience??
I''ve been thinking for the last few years about buying a second property to rent out or flip for the profit. Anyone have experience in this? I know there''s so much involved and have done some research but always end up putting it off longer. I''m going to be selling my place in the near future and could potentially have $ for a down payment but am very unsure of which way, if any, to go.
In terms of renting, I like the idea of monthly $ although I think the likelihood of making a profit soon is unlikely. Also, I am planning to move out of state in a couple years so i''d sell then. Not sure if i''d really make enough to be worth it. In terms of flipping, I worry about buying in a not so good area and then doing all the renovating necessary. It could not sell or I run into many other problems.
Any experience??