U
/u/kphb2
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Currently Im thinking of buying a rental property as investment as I have not been great with investing in S&P index fund with good efficiency. Sub conscious says - the market will crash maybe in 1/2/3 years. But because of the shortage of housing - even if the housing values go down - still be better than the market crash. However, finding a cash flow positive or up to negative ~200$ rental investment with property management firm in scope has been next to impossible considering all the repairs/renovation i might have to get into.
However, I do think there are (although scarce) opportunities where I can renovate and flip and make money on paper. However, considering the my near zero knowledge of handling contractors - could be too big a risk. Then I came across some one like these folks https://visitsolomonpond.com/store/2-Designing-Women/2139010559/ - who apparently visit the property - suggest all the renovations you could make/what material to use based on budget and then find a general contractor - who would do the work. The general contractor will coordinate with every one plumber, electrician, mason etc., to get the work done while in touch with the owner. One of my coworkers said they did take more time to complete, however, they did do a good job and within the budget.
The question: Renting out a property means continous engagement/hassle in managing the property even with property mgmt in place. What if I use the second plan to find a suitable property, contract out the work and flip? Im sure its easier said than done - anyone with experience? words of wisdom?
submitted by /u/kphb2
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Rental investment property vs flipping property. (Newbie = DIY experience on house stuff near Zero. No experience dealing with contractors). Boston/Worcester suburbs.
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However, I do think there are (although scarce) opportunities where I can renovate and flip and make money on paper. However, considering the my near zero knowledge of handling contractors - could be too big a risk. Then I came across some one like these folks https://visitsolomonpond.com/store/2-Designing-Women/2139010559/ - who apparently visit the property - suggest all the renovations you could make/what material to use based on budget and then find a general contractor - who would do the work. The general contractor will coordinate with every one plumber, electrician, mason etc., to get the work done while in touch with the owner. One of my coworkers said they did take more time to complete, however, they did do a good job and within the budget.
The question: Renting out a property means continous engagement/hassle in managing the property even with property mgmt in place. What if I use the second plan to find a suitable property, contract out the work and flip? Im sure its easier said than done - anyone with experience? words of wisdom?
submitted by /u/kphb2
[link] [comments]
Rental investment property vs flipping property. (Newbie = DIY experience on house stuff near Zero. No experience dealing with contractors). Boston/Worcester suburbs.
Continue reading...