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Updated almost 8 years ago, 02/11/2017
NEED some help! Please. All advice welcomed.
Hi my name is Anthony. Thanks for taking the time to read this. I'm very new to real estate and was hoping I can get some advice. A little background on me to understand my situation. I'm going to put my questions in caps so its easy to see them (I'm not yelling at you, I swear. Lol) So about 2 months ago, after being at my job I decided I was tired of working my own hours. I sell cars for a living. I wanted something to become financially free, stumbled upon bigger pockets and have been reading a whole bunch on real eatate. I read the secrets of the millionaire mind, followed some of the steps, ended up saying I was a money magnet, came across a nickel, said I was a money magnet, customer gave me 120 dollars, said it again and my monther in law is gifting us 40k to buy a house. No joke! Within like 2 weeks this happened. So I'm getting into realestate alot sooner than I expected. So my situation, Have 40k to purchase house. Live In tracy, CA. Work in fremont ca. Looking for duplex to do the BRRR strategy. Credit is at around 600. In lease till June at current apartment. I will live in the house for a year or so. SHOULD I GET FINANCING DONE FIRST? FHA OR CONVENTIONAL? BUY FROM A WHOLESALER OR AGENT? ANY OTHER PLACES TO LOOK BESIDES THE MLS? BUY FROM AN ESTATE SALE BE SMART? Because I work commission and have only been at my job for 8 months, the banks look only at my 15/hr.So it's not alot I would qualify for. IS A SINGLE FAMILY A BETTER OPTION TO DO A BRRR ON? WHAT ANALYSIS SHOULD I BE LOOKING INTO? for e.g how do I know it's a good deal or meets the 70% rule. sorry for the long post. Too many questions.