Critique my BRRRR strategy

[Spencer Sturgill]

Hello everyone,

I recently closed on property #1 a couple months ago - a duplex in a small city that I'm house hacking, and I want some thoughts/critiques on my plan for next steps. 

My plan is to continue saving through my W2 until I can comfortably afford a distressed single family ($100-200k) with a 30 year fixed owner occupied loan. I will spend the required one year fixing the property, then refinance to pull the added equity out. I will have to wait until January of 2027 to comfortably afford doing this, but I am eager and want to get to work sooner. I am single with no kids, so I'm comfortable taking risk to accelerate my growth. 

So, two questions: 

1) Is there another form of lending I could reasonably get to do this BRRRR sooner? (I'm assuming I can't get hard money because I have no experience doing BRRRR's)

2) Is my plan even realistic?

[Matthew Thornton]

You may have trouble with an owner occupy loan if it's too distressed. Look for something that is outdated cosmetically but still livable. If you have a good Realtor and Lender, they should be able to guide you through it.