I'm a true rookie. . .no deals so far and have just found BiggerPockets to start researching and learning! Is it worth it to try and buy property now with the cost of property right now? Hold off? I'm also wondering what are the best books ppl recommend for learning about Brrrr and other financing options. We have a super small amount right now for a down payment but working on saving each month. . .would love to learn about other options (we have a small amount of equity built up in our home that we are currently in).
Rental Property Investor · Gilbert, AZ · Member since 2020 · 210 posts · 163 votes
5y
Hi @Sara Mcconnell, I'm actively looking and making offers in the ABQ market, mainly for quadplexes, but it's very competitive for good deals. For you I'd probably recommend looking into a house hack to get started, either a SFH or a MFH. You could do an FHA loan with 3.5% which could get you started.
As for books, BP publishes recommendation lists: https://www.biggerpockets.com/... You can also go to the Bookstore tab on the BP homepage and you'll see all of their recent stuff. There is a book specifically for BRRRR, as well as 'Investing in RE with No an low money down' which talks about different financing strategies.
Realtor · Denver, CO · Member since 2018 · 227 posts · 241 votes
5y
@Sara Mcconnell I agree with Brendan. House hacking is a good place to start! You'll learn the ins & outs of landlording, property maintenance, living with your tenants ;), etc etc through this strategy.
There are various strategies, but some popular ones are buying a duplex and renting out the other side, finding a house w/ an ADU, or renting by the room. Honestly there's something for everyone, and even if it doesn't sound appealing...just remember house hacking is a temporary way of living.