Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 8 months ago on . Most recent reply

User Stats

5
Posts
1
Votes
Jayden Gales
  • New to Real Estate
  • Fort Worth, Tx
1
Votes |
5
Posts

Looking to Complete my first Deal

Jayden Gales
  • New to Real Estate
  • Fort Worth, Tx
Posted

Hello all. I am new to Real Estate and plan to use the BRRRR strategy to purchase my first property. I have been on the MLS researching different properties that can become my first deal but I have not made any offers. I have set myself up with an agent automotive and I use the properties' prices to get familiar with the BP calculators. There have been a few properties that stand out to me but I cloud my mind with many questions. A few of those questions are:

~ Should I use the VA loan or the FHA 203k loan to fund the property?

~ Are contractors covered in the loan?

I am seeking any knowledge and guidance that can help me close my first deal. Thank you.

Most Popular Reply

User Stats

6,629
Posts
7,582
Votes
Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
7,582
Votes |
6,629
Posts
Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

BRRRR doesn't match with VA and 203k as they are owner-occupied loans as others have said. Also, a VA loan is a straight loan where you can use no money down which is a great advantage as a veteran versus a 203k loan which is a rehab loan which requires a 203k facilitator and contractor and the contractor gets paid in 4 draws that have to be approved first. Most 203k contractors are not going to want to work with a first-time BRRRR or house flipper because it will not be smooth.

business profile image
Zen and the Art of Real Estate Investing
5.0 stars
9 Reviews

Loading replies...