Updated about 6 years ago on . Most recent reply
Getting Started With an Initial Time Restraint
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
Most Popular Reply
@John Ballard
Check out this podcast:
https://www.biggerpockets.com/blog/2015-01-01-bp-podcast-103
Her website is: https://www.reluctantlandlord.net/
Her and her husband got started using a VA loan for their first house hack. I think I'm remembering the podcast correctly. Now they are 7 or 8 properties into the game since 2012. I'm able to find 2-4 unit MFH's in FL long distance from CA in the MLS using the 2% rule. BP's rental calculator is pure gold in making quick deal decisions by analyzing multiple deals to narrow down best options. I found an agent who is an investor/self manager too. That helps.
I love the podcasts and webinars on BP. They gave me the confidence I needed to jumpstart my journey into real estate investing. I'm currently in the offer phase of two duplexes that are slightly shy of the 2% rule. Fingers crossed they accept my offer, but ultimately it's just good practice if they don't. One deal fell through here in CA after they accepted my offer because the agent listed it improperly as a three unit home. My lender checked the title and discovered the third unit converted garage was not permitted. I didn't have the budget to redo it. The seller wouldn't reduce the list price to reflect the duplex as it states on the title so I cancelled the deal within the 72 hour window.