Learning REI in Tulsa Oklahoma

[Blake Wilkinson]

Hey Bigger Pockets! My name is Blake, my fiancée and I are so excited to learn about REI! We've spent the past week diving in watching podcasts reading articles and we want to use BP to become financially independent! We are both fairly young (20) so we plan on spending the next 9 months or so building credit and saving up for a down payment. We would love some advice and ideas! Here is our plan. Using starter credit cards to build credit. Save up about $5-$6k for a down payment. Once we get pre approved. Run numbers and find a triplex or 4 Plex. Find property with minimal repairs needed. Move in to one unit and rent out other 3. I am very curious about first time Home buyer advantages as well I've heard terms like FHA etc. can anyone tell me more about that? Thanks everyone !

[Deren Huang]

@Blake Wilkinson

Like Jonathan said, lots of the quads and triplexes are in not so great areas.

Being cashflow positive with only a duplex would be hard to do, especially if you are getting an FHA loan and can't add value. A win in my book for a house hacking duplex is honestly having someone else pay your mortgage insurance and taxes.