I am getting ready to start my real estate journey and am very excited. Love the content with the website and podcast!
I'm in a great situation to get started. My fiancée owns our house with about 100K equity (FHA loan). Our plan is to buy a duplex and move into it, rent out (or potentially air bnb) our current house that is projected at least +$500 cash flow. Is there a benefit to starting this journey before we are married? Our plan was to refinance our current house after we got married and have it in both of our names and use the FHA for the duplex since we were going to move into it. Or are the no advantages/disadvantages before/after we get married?
Or any other advice on good ways to use the 100K equity as leverage?
Welcome to Biggerpockets! Good luck on your endeavors. Wish you the best going forward! Congrats on the great situation. You might reach out to some of the lenders and ask those question. Me I am traditional and say be married. But that is just me.
I’m not sure what exactly the advantages of disadvantages are, but I’d imagine that, in the larger picture, it wouldn’t really matter all that much. I wouldn’t worry too much about that.
As far as how to use the 100k, my recommendation would be to find a duplex that you can add value (adding bedrooms/bathrooms/bigger rehab projects etc). That way, you can pull that money out if you want to refinance the duplex down the road.
Thanks guys! Will do. Excited about the adventure. Have a lot of research to do and need to save for a down payment for the duplex! Plan on starting this adventure in 2021!
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