Purchased New Home Last Year. What next??

2 Replies

Good evening BiggerPockets, I am a newbie investor and had an inquiry from those who are experts or experienced what I may have experienced. I had recently bought a new build home last November on an FHA loan for $215K. My current mortgage is $1715. Currently, I have been self educating myself saying and reaching out in pursuit of mentorship, partnership and innovative strategies. I would like to begin BRRRR investing and invest in rentals, primarily BRRRR. I'm learning now how to use private money or OPM (however is a challenge) also, I have a possible partner who is also interested in investing. Has anyone ever been in the position where they had bought a house prior and then afterwards wanted to invest but did not have the capital to begin. I am reading the BP No and Low Money Down book now to see different creative strategies to use. I do know experience is the best teacher and those who have experience are the wisest individuals to learn from. Any help, tips would be great. Thank you

@Joaquin M Dugan Jr  

Most if not all real estate investors have been where you are now. The first couple deals are the hardest because you havent proven yourself yet. I think you are on the right track by trying to find a creative way to pick up your next few deals. My wife and I took out loans against our retirement account to use as downpayments for our second and third rental properties. What market are you looking to invest in?

@Sean McDonnell Hood morning and thank you for the vote of confidence and also responding to me. I haven't pinpointed a specific market however I am interested in both long distance and investing in my own backyard (DFW metropolitan area). What is probably restricting me, and I could be wrong, since I haven't developed much equity in my currently home. I may not be able to take out a HELOC or a home equity loan; not to mention the more strict lenders are since the a Covid-19 started. I guess overall, my issue is possibly gaining the capital for rehab costs