Starting Out

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John Ballard
  • St Petersburg, Fl
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31
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Getting Started With an Initial Time Restraint

John Ballard
  • St Petersburg, Fl
Posted Sep 15 2019, 12:54

Good day.

I am new to REI and Biggerpocksets and looking for thoughts on a starting point. I've read the Long-Distance REI and in the process of reading the beginners guide, but a change has made time of the essence. I am in St Petersburg, FL, currently renting, and approved for a VA loan of $300,000. I have a low DTI.

My initial plan was to purchase a multifamily and rent the other apartments out. I have found it hard to find a decent property within my budget. I now must move within the next months. To get a steady home base, I was thinking of putting the multifamily on hold and purchasing a single family under $150k or a condo for less. Should I hold there, fix it up, build that equity from there, or should I use the other $150k to purchase a second single family to use both as BRRRs? Are there more lucrative or efficient ideas out there?

This also brings up a question I haven’t answered yet. Besides my regular income, is there other places to receive a loan to repair the property? I am handy and a coworker is also a general contractor, so much of the slow work we could do.

Please do not feel to break this down on the lowest level. 

Sincerely,

John

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