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Updated almost 2 years ago,

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Paul Meiners
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What do I do next for a beginner investor with one duplex under his belt?

Paul Meiners
Posted

I am a beginner investor looking to secure more properties, preferably by using the BRRRR method as I've read about, but have not experienced myself yet. My partner (not-legally married) and I own a duplex, which we live in and rent the top floor. She has the deed in her name, so I would be a first time home buyer for the next property we want to own. However, we have 5 children and twin daughters of 16 months who share our old dining room space so it is tight and only going to get tighter once we grow. I know I can get an FHA loan for low money down and buy a decent single family with more space and then rent out the unit were in now. However, I want to use the BRRRR method for this next property, but instead of renting it out it would be us living in it. Is that possible now (to cash out finance after refinance to use for future property) now that I want to live in the space? I guess I'm just wondering what would be the best next step to take in my situation with the space and situation I currently have and am in, and that I want to supercharge growth by using the BRRRR method for the future to grab multiple more properties.

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