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Updated almost 7 years ago on . Most recent reply

User Stats

30
Posts
4
Votes
Colin C leamy
  • Connecticut
4
Votes |
30
Posts

Thoughts on live in BRRRR?

Colin C leamy
  • Connecticut
Posted

I've wracking my brain trying to figure out a method of entry into real estate investment even though I can't afford it.

My credit score is good and don't really have any debt but I make very little money and there is no easy out in my particular situation. 

I tried asking family members to do a joint investment deal with me, even offering to pay all of the mortgage expenses but I am not so lucky.

I can afford to pay a mortgage up to maybe $400 a month before it starts becoming too much of a burden. Yes, I am that poor but I don't wish to get into the specifics of my situation.

In any case, I feel comfortable with a mortgage up to $40k probably but lower is better and I just don't have the resources to do a complete BRRRR unless it's a steal.

I'm thinking maybe I can purchase a house using FHA and "flip" it at a pace I can afford and then reinvest to spark the snowball.

Any thoughts on this plan? Any thoughts on what sort of house I should look for and how to find it?

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