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Michelle Sanchez
Pro Member
  • Investor
  • Los Angeles, CA
5
Votes |
11
Posts

Just Starting Out and Looking for Advice

Michelle Sanchez
Pro Member
  • Investor
  • Los Angeles, CA
Posted Sep 24 2021, 10:55

Hi I am new to the BP community and am looking to get started. I have been specifically looking into fix and flips and multi-family rental properties via the beloved BRRRR method for cash-flow. A little about myself, I am a nurse who travels between the East Coast(PA and NYC) and Los Angeles CA. I have never owned a home or property due to my travels so I would technically be a FTHB. I am looking to invest in the Lehigh Valley Pa(Allentown, Bethlehem, Easton) area as well as Philly. All that being said I have some questions on how to possibly get started.

1: Since I have never owned a home I was thinking of house hacking a multi-family with an FHA as my intro to REI. My concern with this is I travel for periods at a time for my job. Although this would be my primary residence I would be in L.A. for a portion of the first year requirement. Would I be able to STR my portion when I am away. I am clearly concerned with inadvertently committing any type of mortgage fraud, but also don't want an empty unit that can be generating cash flow for me when I am away.

2: Would it be wiser to get a few fix and flips under my belt via HML/Private Lenders to build liquid funds and then use that to start investing in multi-family rentals via Brrrr

3: Lastly, do many of you use HML for your initial purchase of a Brrrr property? If so have you found it hard to get lending without holding the property in an LLC(or other holding entity) and without experience? I ask because most(that I've researched) residential lenders will not cash out refi on property held in LLC. And I have found that many HML prefer your property be in LLC and that you have investing experience.

I thank you all in advance for any guidance and advice and I look forward to learning from and hearing all of your experiences. I am also very interested in networking with agents, mortgage brokers, contractors and other investors in the Lehigh Valley/Philadelphia area. So please feel free to message me. 

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