New investor looking for guidance.
Hello all I am brand new the the investment game and am trying to educate myself on the best way forward. I currently have about 10k saved for some for if investment. Eventually I want to employ the brrr strategy but am not sure how to start, should I finance a flip to build capital until I can by a property and rehab it out right?
sincerely, Hungry investor
Most Popular Reply
Ethan if you already have $10K saved you can always start with a modest first investment. Some basic questions:
Do you own your own home with Equity - If yes you could tap into that with a cash out refinance to add to the $10K
Have you considered buying a second home if you do own a home less money down (10%) which can still be used as a rental 6 months out of the year or after 6 month just convert to a full time rental.
Have you been pre-approved or had a bank/lender review your income and credit to see if you can get a mortgage on either option.
Once you buy a home investment or secondary you can always take out a line of credit to do renovations/repairs etc.
In order to get the ball rolling I would advise on the above options to get your next (90) days mapped out.