Can I use the BRRRR stratagy with my first investment property ?

2 Replies

I'm a first time home buyer and I'm looking to buy an investment property in NY. Is it possible to use the BRRRR method with a FHA loan ? Also where do I get the money to renovate the home after I buy ?

Look into a 203k loan. It's an FHA product but you get the money to renovate the property rolled right into the loan. It is literally the perfect for a BRRRR. That being said it is a little bit more expensive (higher rate) and there are a few extra hoops you'll need to jump through (HUD Consultant and Licensed contractor to give written quotes). If you go this route look to work with an agent and lender that have done 203k loans before so they can help guide you through the process.