New to Real Estate · mahopac ny · Member since 2021 · 1 post · 0 votes
Hello everyone! here's a little information on me and my team my names Tyler I'm 23 years old as well as my partners Erick and Jake, so erick is serving in the navy and is over seas in japan for about a year. me and jake currently work full time for the same company, today we all made bigger pockets accounts and our plan is to first figure out how to analyze properties and see what cash flows and what doesn't, our next step is still undecided but we are thinking about either using the brrr method or live together and house hack to build capital. if anyone is or has been in a similar situation it would be greatly appreciated for some advice and tips for us.
Investor · Cincinnati, OH · Member since 2018 · 304 posts · 185 votes
5y
Welcome to BP! BRRRR and house hack are great options! Having copartner roommates in a house hack will reduce your housing expenses and you gain the benefits of owning real estate.
An idea that came to mind is you guys could house hack + BRRRR (ie do a live-in flip). Once the rehab is complete, move out and finish the BRRRR process. Then go on to the next one.
Also depending on purchase strategy, each one of you could utilize low DP owner occupied loans to conserve cash for the rehab. Keep in mind closing costs are required here but analyze the numbers for each potential property to see if it makes sense.