Hello! I am an active podcast listener but this my first forum post. I am currently looking supplement my income and help pay off student loans through RE investment. I am two years out of college and working full time in commercial construction management. Also, I currently live with my parents (to save $$$) though this will not last more than another eight months at most. My question is this--if you were in my situation, how would you take advantage of living rent free and what would be the ideal play for little/no money down? I have looked into wholesaling, FHA 203K, though I am most intrigued by triples and quads and the cashflow they can provide. Thank you for the advice!
Shoot for a quad with opportunity for cosmetic enhancements. With your construction experience and connections you should be able to buy low, improve the place, raise rents and raise asset value.
Get FHA financing as an owner occupied with as little as 3.5% down saving your cash for improvements. Put in some sweat equity and refi-out to a traditional mortgage and move on out to your next quad to do the same thing.
You should be living rent free or at least near rent free the entire time.
I would buy a personal property. If multi-plex doesn't work, I would check out single family. We have done very well buying single family as personal at each duty station. Than we rent them out when we get transferred. We also know a lot of friends who rent out the bedrooms. That can be a great strategy as you can buy a class a property from day one. Live rent free and than rent it when you want to upgrade and move out.
I recommend Those who's posts you enjoy to check out the signature. Many of us have niches and talk in depth about them on our site. We started out right out of college at 23 so we did a 0 down personal property. We late learned to self-manage. So I talk all about that and what we learned
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