Updated about 5 years ago on . Most recent reply
First Property Financing Dilemma
Hi, everyone!
I am a newbie and in the process of deciding on strategy and financing for our first investment property. I came across a dilemma or rather a trilemma.
The starting points of financing: we have cash and equity in our current home, either of them is enough for 20-25% of down-payment.
The starting points of strategy: going for a small BRRRR multi-families, but also considering house-hacking as the first step.
So at the moment I feel confused how to proceed, should we first buy a multi-family and stay in our current dwelling, or house-hack and rent out our current dwelling; what should we use for making the down-payment and how should we finance the rest?
I would appreciate if you could chip in and spill your ideas on how best to start and why, what are our options.
Thank you!
Elena