Hi I'm new to bigger pockets and new to real estate investing. My credit is currently on the mend and will be in a place to finance a mortgage In 6 to 10 months. I don't currently have a mortgage. I believe I can personally manage the down payment and closing cost money, but would have nothing left over for rehab. I'm intrested in any thoughts On buying an Investment property with a traditional mortgage and then financing rehab with hard money loans. Im undecided on fix n flip or Brrrr.
@Chad Montierth Based on what you described you're not ready to start investing and you know it. That's really important because investing is a risk. Minimizing risk from day one is huge. Improving a credit score is another key component and you're tackling that as well.
Since you don't have any experience with REI I would use that time to research and run the numbers on deals. Understanding the numbers and what it tells you is everything. Ask yourself what is a good DEAL? Buying property at retail prices DO NOT work for flips, and most BRRRR deals. I would consider a live-in flip property. Find an ugly property that needs work but still qualifies for a conventional loan.
Thank you for your input. I appreciate your time and knowledge. I'm currently on or research and knowledge back finding mission , and yes I know that I'm not ready yet , but I am putting in the time and effort to learn how this works and I appreciate your candor