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 .
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing