Looking For First Deal: House-hack and FHA Financing

[Philip Amundson]

Hello Bigger Pockets,

I am a brand new investor looking for my first deal. My goal is to have this rental property by August 2019. I am looking for a single family home in the price range of $160,000-$185,000 in the Minneapolis area, preferably the west metro. My plan thus far is to finance the home through an FHA loan, with putting 5% down, which is between $8,000-$9,500.

In terms of rehab I'm looking to invest an additional $10,000 to make improvements, update, and clean up the house to add value. I have just started searching the web for properties, as well as reaching out to my small network of investors, agents, and brokers. 

I'm thinking of a 3 bedroom, 1 bathroom, with around 1,200 square feet. I'm looking to use the BRRRR strategy to pull cash out to reinvest in other properties once I have 20% equity, and needing some input on how to go about doing that with using an FHA loan.

I will be living in this property for at least a year to house hack, and to get acclimated with being a real estate investor, as well as being an investor. Would love any insight and advice from the bigger pockets community.

Also, I would love the opportunity to add value in any way possible to investors in the Minneapolis area. Whether that be helping with rehab, direct mail, searching for properties, etc. Looking to grow and learn from experienced investors by adding value in any way I can. 

Thanks,

Philip Amundson