Hi everyone. Im a new pro member and I am so pumped to be part of the pro members team! Anyways, im trying to get all my facts organized while i save money to make my big investment for the first time. Just a quick note, i will be using the BRRRR strategy to buy my properties and putting down 20%. So my first question is should i use my FHA loan to acquire my first property (a duplex) (live there for one year) and then move out and rent the half i lived in? I ask you because if i was to refinace a year after my purchase i would be over leveraged right? So basically i just dont refinace?
My second question and the one i would like the most detailed (i appreciate it in advance) is if u can statr in numerical order what is needed to start buying your first rental property. So for instance.
2) save minimum of 20% (not using fha)
3) learn your interested area as much as possible
4) ???? Do i reach out to a realtor first or an inspector or what exactly is the order. Im sorry if this requires alot of writing but who ever is willing to make this clear to me, i thank you 10x!
***Please list everything you can imagine in order. ***