I got 210k to invest
Hi BP members,
Im a newbie and pretty much want to know how to invest the 210k that I had approved by my bank
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Get an FHA loan and buy a duplex you can house hack
I agree with @Eliott Elias but also make sure it's a good cash flowing property.
Quote from @Eliott Elias:
Get an FHA loan and buy a duplex you can house hack
100% agree with Elliot, 210k to put into the right duplex in the right location could be very beneficial.
Good Luck!
Happy to help with any future questions!
Agreed with the 2 gents on the duplex, also make sure you have a few months cash reserves.
Quote from @Karen Brito:Can definitely do a duplex, but if you're not opposed to sharing living spaces / kitchen with others, I'd also recommend looking into a rent by the room situation (e.g. get a 5-bed place & rent out 4 of the bedrooms).
Hi BP members,
Im a newbie and pretty much want to know how to invest the 210k that I had approved by my bank
Like others are saying, a duplex would great. What's also nice about multi-family is that you can use a portion of rents on the other unit to qualify for the loan.
I don’t think a duplex is in the cards in MD for $210k, at least not something a beginner would want to bite off.
Personally I’d wait out a softening in this market over winter as these elevated rates suck the wind out of buyer’s sails. Keep learning, don’t worry about interest rates, and perhaps bite when prices drop 10%. Eventually you’ll be able to refi at a lower rate is my bet.
I would be in no rush at this specific time.
How hands on do you want to be @Karen Brito?
Partnering with someone else that has learned their lessons already can pay-off big time in the long run.
Good luck!
Hi Karen! Welcome to Bigger Pockets! With the high price of real estate in the DMV area, I would suggest investing out of state. I am an out of state investor from Northern Virginia and I primarily invest in Cleveland using turnkey companies. If that is a strategy you want to discuss, feel free to reach out.
How much time are you looking to allocate towards investing? Do you want to be active or passive? @Karen Brito
@Karen Brito You have gotten some good responses to your post but you have not responded to anyone in the thread. If you really want advice then you will need to give people who are willing to take their time to post here more information.
