If you’ve started over today, how would you do it?
Hey all! I want to get some discussions and see from your POV!
If you started over today in Real Estate, and you’re a first time buyer in this currently economy with $40k saved up.
Love to hear your thoughts! What game plan are you taking to be Financially Free?
BRRRR? FHA House Hack? SF Conventional? Subject to?
#3 All Forums Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
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#3 All Forums Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
With limited money, the best plan IMHO is to buy a serious fixer in an area that's about to get nice. Fix it up. wait a couple years. Double your money and move on up. Works every time. Well almost every time...
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Same as last time. Buy a new primary every year and rent out the previous primary. Lowest downpayment, lowest interest rate. Easiest approval.
Well for context I am 19 years old, working part time going to college and have saved up 20k with plans to accumulate even more to invest in real estate.
My goal right now is to use an FHA loan to buy a 3 family multifamily and househack it as the ROI along with the low money down just makes perfect sense for me. From there I would live in it a year to free up the FHA loan, refinance, and then rinse and repeat the same process. Now I obviously can't repeat this process again and again, and my plan after would be to BRRRR single family houses and go from there! :)
#3 Managing Your Property Contributor
I'd probably buy a house that needs a little bit of work, live in it while I fix it up, then turn it into a rental and repeat. Ideally I'd find a place with a secondary suite. I'd also do it sooner.
I would house hack, and start sooner. I would also start outside NYC as prices are much lower.
@Michael Cavitolo I would take $5K and Do massive marketing and hopefully I can get a deal to wholesale. $5K will yield me 5-6 figures and then I would go buy a property cash or maybe wholesale another deal until I have enough money to get a mtf property under contract and get that done and then cash out refi and go do it again. There are so many things you can do. Reach out if you have any questions.
@Michael Cavitolo house hack over and over again till I was blue in the face.