Setting a goal / goals

Entrepreneur of the week: Avi Baram, #Post #3
There are many types of investments: joining an investor group, buying a property with partners, flips, purchasing in order to maintain the value of the money and watching for an increase, or rentals. (Maybe there are more, I don't know).
I decided that the best way for me is to purchase for the purpose of renting,
The rental pays off your investment, whether a mortgage, any type of loan or equity, which in fact is also a type of loan. You are basically indebted to yourself and want the capital to return to you.
I can't tell about an investment group, either positively or negatively, but I'm not the type of "partners".
So I will focus on flips and rentals.
Flip:
Buy cheap, sell and try to make the difference.
Flipping can be dangerous if you are inexperienced, if you don't know the market, because there are several factors at play.
1. The age of the house: don't forget that the construction in the USA is wood, improved barracks from the time of David Tom's tent. The wear and tear is high.
In areas of high humidity there is a problem of rot, moisture, mildew. Almost all over the US there is a termite problem, an ant that eats wood. You have to know how to deal with basements and retaining walls that make up the foundations, and yes, even concrete that absorbs moisture over time can crumble. There are metal pipes, polyethylene, and now, Fax. There are gas pipes, old electric wires from the days of the invention of electricity, rusty electrical cabinets, or out of order, (the two profitable professions here are plumber and electrician) a sewage system with metal or concrete pipes that have not been upgraded in a century. Don't forget, most of the houses in these areas are around 100 years old, my house was built in 1904. Houses built around the fifties are new houses. The main question is how the houses will be maintained.
2. One of the serious problems, work teams for renovations. Material costs, material selection, renovation cost (work) and time. When we go into renovation, we also go into potholes, unexpectedly, to make a mistake in judgment, in the US they call it the "rabbit hole" you know where you are going but you don't know where you will come out and when.
Costs of professionals such as electricians, plumbers, work permit, approval to perform work on the property (permit) and, as I wrote, the rabbit exemption.
3. The renovation time, were you promised a month? Don't be optimistic, pessimism is the name of the game, unless you understand a little and can renovate yourself,
Finding a buyer at a price that won't cause you a loss, because you didn't leave enough profit margin,
I come across a lot of properties that are up for sale when the investors go down the rabbit hole and run out, so they prefer to sell at the beginning or in the middle of the renovation and get out with nothing.
I could go on, but you get the idea.
In the next post I will tell about long-term buying and renting.
In the photo: a family member, Misha. Invest in a traveling family.