HI good morning, my name is Jesiane and I am a new pro member. I am looking forward to buy my first property, and was thinking use the house hacking, FHA lone to buy my first property, but the houses in my area is selling for 260 and up, I found these deal that is a wholesale 3 family for 195, and it does not get approve for FHA, because they haven't own it for 90 days, so I have to do a convectional loan and put 15% down. And my idea was use my all savings and 401k money to buy these property, and do the BRRRR method. My question is what would you do if you were in these situation, waist all that savings and buy these property, or wait to find a FHA or 203k deal for a 3% down .thanks
Since it is your first deal I don't recommend doing this deal. It is never a good idea to completely exhaust your savings, especially if the home needs work. Be patient and something better will come along.
Keep looking. If you are house hacking with limited downpayment funds, I would be patient until you find a property the meets your criteria and will qualify for FHA.
thank you Owen D. , and Nicholas W., for your answer will help me make smarter decision and move forward .
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