Hello I am new to investing and am looking to obtain my first rental and start my portfolio very soon. I am moving to a new state (FLORIDA) and am tired of renting and paying other peoples mortgages. I had an idea to BRRRR a property and house hack it with my wife to get some cash flow coming in, but most importantly start building equity and experience. The problem is I have 5k in my savings so I am wondering if this is worth perusing, or if I should just rent until I can save more money up to put a down payment on my first house. Any suggestions?
Yes, it's worth pursuing. There are programs available that will reduce the amount needed for a purchase. In my state there are grants that will cover up to 4% of the downpayment. Go talk to a lender (preferably 3-4) to see what you can qualify for and what it would take to purchase a home. Once you have the answer, you'll know what your goal is and can work towards it.
Yes there's many financing options, I suggest looking around the forums. You can do anything from getting bank loan, partnering, private loans, FHA 203k construction loan, etc. Once you start studying the options out there, you will have the tools to start putting together a plan!
@Tyler Daniel Cypret Househacking is a great place to start and the FHA programs are great at helping new owners access funds. Now to my question... Is $5K all you have... or all you have to invest? This is not the time to put yourself in an upside-down financial situation to get into a home while asset prices are so inflated.
Thank you for the advice, I will start looking into the different options I have toward putting a deal together.