What would you do with 50K? BRRR, FHA and hold, House hacking?
I'm just starting up in real estate and I'm in the CT area where the medium house is approximately 365K. I'm just finishing up grad school and moving to Hartford, CT for a new job. I have about 50K in funds.
I was thinking about doing a FHA with 3.5% down and living there for a year, then moving out and converting it into a conventional loan to get another FHA. I heard this strategy is complicated since I need to have a reasonable excuse to get a second FHA after converting to conventional (different job, emergency, etc). Is this the case? My other plan would be to save up another 50K and then use a hard money lender to do a rehab. But, that would put me out of the market for a long time and I would have to rent.
Any input or ideas would be highly appreciated.