Questions for starting out

[Parker Lewis]

I have a few quick questions about starting out. 

We are living in the Salt Lake City Area and are thinking about using and FHA loan to buy a Duplex, Triplex, or FourPlex.

1. What would you all recommend out of those? I have heard so many mixed reviews that a fourplex is the best because you have 3 other people paying your mortgage for you, but you have to get into it with more money. Then i have heard that a duplex is the best way on a first deal?

2. We are in the money saving mode right now and trying to get at least 10k to 14k for an FHA loan. How much money do you all recommend? The closing costs are something that scares me because that is just more expenses to the overall cost.

3. We are wanting to do the BRRR Strategy because we are looking into buying more and more properties each year. How do you all find properties that are low enough to buy and then fix up a little to get refinanced?

4. What articles and books do you all suggest reading to learn more about this? Does anyone know people in the Salt Lake Area that are willing to help to give suggestions on how they did it? 

Thank you so much for your time, i really do appreciate it! 

[Lydia R.]

@Parker Lewis Hi Parker! Getting started is the most exciting part of this whole process IMHO. I would say dont get so focused on picking a type of property (duplex, triplex, fourplex) and look at all 3 and pick the one where the numbers work. Thats the most important part! If the numbers work and it fits within your business model then thats what you go with! Finding the deals will be the more difficult part, even though you are still in the ‘saving up for a down payment phase’ you should start analyzing deals now. Look at whats out there and start running the numbers. Get good at running the numbers, and then when real deals come along you will be able to identify them quickly and move on them. Hope this helps! Feel free to message me anytime!