Raising Capital for multi family

[Dennis Morris]

Trying to do a house hack in my market which is Florida I want to use a FHA for a 2-4 unit but the inventory is very low and purchase price very high but there are plenty single family. Would it be wise to get a single family under market value with enough equity put a heloc on it and use the cash from that to do a BRRRR on a run down multi family then pull the money out with refinancing? Seeking advices from the wise owls on BP. Thanks

[Kristi K.]

@Dennis Morris No one starting out should be using private money. In the real world (where I reside) you need to take your time. Buy a house, build equity, pull that equity at some point and buy your next property. Don’t sell, become the guy that people send money to every month. Don’t become the guy that sends “private” people your money at a higher rate than you can afford. Real estate will make you wealthy over time but it’s not a get quick rich game.