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Updated over 4 years ago on . Most recent reply

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Jazzteena F.
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Unmarried couple looking to invest together! Help!

Jazzteena F.
Posted

Hello there! I have been learning REI for the past year. I am pursuing my first fix and flip or rental this year. However I am not in the best position. I am building credit currently and I am unemployed. I am a stay at home mom who babysits during the week. However my fiance works for UPS, makes decent money and just bought a house in November of last year. My partner is onboard with my real estate passion and is very encouraging. Together we probably have $10,000 we could use towards REI however the least the better. I need help using our situation to our advantage and getting our first rental or flip! I have contacted a few private lenders and one hard money. I still have a lot of work to do but I thought I would seek advice. Thank you! Looking forward to hearing from you all.

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Will Fraser
  • Real Estate Broker
  • Salt Lake City & Oklahoma City
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Will Fraser
  • Real Estate Broker
  • Salt Lake City & Oklahoma City
Replied

Hi @Jazzteena F. welcome to the BiggerPockets forums! I think the powerplay that exists for you guys is this: once you are ready for the "next step" you have the perfect opportunity to house-hack. Let's say you took that $10k you have available and used it to buy a duplex, triplex, or quadplex valued at around $300,000. Using a 3.5% down FHA loan you would be able to put your $10,000 to work in an asset that would give you experience, a subsidized cost of living, and a way to play the powerful game of real estate at hyperspeed!

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