Updated over 3 years ago on . Most recent reply
My Wife and I Want to Start Investing in Real Estate
Hello Everyone,
My name is Josh, and my wife and I are looking to begin our journey into real estate investing, but do not know the best way to get started with our current situation. I have started reading BRRRR (just got and have not finished yet) and am fascinated by the concept of buying low, fixing, and renting out, but believe it would take us a couple years to save up the cash needed to get started. In the next few weeks we intend to pay off student loans, which will leave us 100% debt free, but also with little to no funds available to use. Our real question comes down to timing. Are we better off working towards getting our own home first and paying most of it off while saving for a property we can BRRRR, or looking into purchasing a rental property with loans and beginning our portfolio? We would love to hear different options and paths we could take.
Thank you all so much for any advice, we truly appreciate it.
Most Popular Reply
House Hack!!!!
Buy a property that will be your home, fix it up over the course of a year or two, cash out refi, rent it out, and move to another home. If you do this 5-6 times over 8-10 years you now have a great portfolio of properties that will pay for your dream home! Using a conventional loan you can get into houses for low money down (FHA if you have lower credit but I don't recommend this avenue unless you have to). If the numbers work right, you could have all of these properties for little money out of pocket.