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Updated almost 6 years ago on . Most recent reply

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Trevor Jaworski
  • Pittsburgh
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First Investment Property

Trevor Jaworski
  • Pittsburgh
Posted

I’m looking for some advice from experience BP community :D

I'm currently stuck in analysis paralysis and am trying to decide which vehicle I want to use as a first investment. So far I have it narrowed down to two options that I can use. I am working on limited funds <$10,000 and am looking into the BRRRR strategy (but would need to use a hard money lender) or use a conventional FHA loan with 3.5% down payment on a duplex and house hack.

What are your experiences with both options, and what are your feelings on them for a first investment property? I am looking in the Pittsburgh area where duplexes are in the $100k-$150k range and single family homes that I would use the BRRRR strategy on range from $50k-$70k with an approximate ARV of $120k.

All input is appreciated!

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Jeremy Taggart
  • Real Estate Agent
  • Pittsburgh, PA
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Jeremy Taggart
  • Real Estate Agent
  • Pittsburgh, PA
Replied

@Trevor Jaworski I'd go FHA first then explore going the BRRRR route going forward. Get yourself living for free to eliminate that expense then you can have more reserves when you go to do the BRRRR's going forward. Even if you are planning on using OPM for the BRRRR deals, you still want to have some reserves in case it goes sideways. I'm always a proponent of house hacking if you are in a situation where you are able to for a multitude of reasons.

  • Jeremy Taggart
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