Im 18, in college, and want my first property by february. I'd like to ideally do a multi family rental, but only have 4,000$ to spend. Can't house hack because I have no full time work experience, so no FHA loan. Should I go straight to other people's money (partner investors), or can I do the BRRR strategy?
Hello Alex! First of all, great ambition and mindset at your age. You should be proud. The BRRR strategy might be difficult (not impossible) at your age with the lack of credit and income. OPM is a great option but again (as we all did starting out) will have difficulty gaining trust of other investors at your age and experience level. Don't let any of that detour you. There is always a way. Do any of your friends or family have money that you can access?
The BRRRR strategy would require a partner or private lender as well. And that sounds like the best strategy given your current situation.
Thanks for the reply! My proudest attribute has always been talking my way into opportunity. This week I walked into the local Property Management company and took a shot. I told them I had no resume, but if they gave me 15 minutes I could show them why I didn't need one. Talked my way into a paid internship and shadow experience. Making connections shouldn't be hard. I have one good friend in the REI game who could possibly supply me with some good connections for investors, and I could maybe find some more for myself, but no family readily available for help. Should I pursue OPM from available investors around me? The University is a great resource for networking as well.
You should always be pursuing OPM ;). Good luck sir!