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Updated over 5 years ago,

User Stats

7
Posts
1
Votes
Adam Hanson
1
Votes |
7
Posts

Questions about my introduction plan into investing

Adam Hanson
Posted

Hey all, this my be slightly long winded but I love being thorough. I am brand new to bigger pockets, and just about as new to real estate investing, but Ive been wanting to jump in for a while now. Ive been burning through real estate books, bigger pockets podcasts and dropped in on some REIA meetings out here in Seattle. I have about 30K set aside for my first deal and just want to get folks feedback before getting too far ahead (definitely the analysis paralysis type...)

I have been keeping an eye on the Seattle market and cost entry is just bananas, but I have been taking a look at duplexes just south in Tacoma WA, and have seen a couple fairly distressed properties (20k-40k rehabs).

I want to house hack my first property with a rehab, doing a fair bit of the work myself (i have a bit of experience in construction) and farming out the rest of the heavy work. Then fill the other unit, and plan to try to BRRRR the property within the following year.

Among the billions of questions I have, the biggest ones are:

Is it more common to do a conventional loan or FHA for someones first deal?

What percentage of a rehab cost to property cost should I ballpark for on my first deal? 

Should I be setting up an LLC for ownership of the property before I even begin to make offers?

As a custom woodworker I would want to doctor up the property to an extreme level, is it more fiscally inteligent to rehab a property with a general look, or is there a good return value in premium details?

What are the biggest dangers I should be looking out for with this strategy?

Any other pieces of advice before going in on this venture?

I am so excited and nervous about this whole process, and so, so, so appreciative of this community for all the support in it, and can't wait to hear from folks!

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