Buying first home and looking for investment advice

[Gerardo Juarez]

Hello,

Me and my brother are wanting to buy our first home together in Fort Worth, TX. We have saved up around $20k and have no big expenses or loans. We are interested in this being an investment instead of a forever home. My main questions are the following:

What kind of investment strategy should we do? (BRRRR, House Hack, Flip, etc)

What kind of mortgage should we be seeking? (FHA, Traditional, 15-year/30-year)

How do I find banks to inquire about a interest rates and submit pre-approvals?

What are the efficient steps to go about this? (Find a home first or get pre-approved and then find a realtor?)

I'm sorry if there questions are dumb but a lot of this stuff I have been reading can get confusing. If there are any videos I should watch or any beginner threads I should read please feel free to share them.

Thank you!

[Timothy Douglas]

Originally posted by @Gerardo Juarez:

Hello,

Me and my brother are wanting to buy our first home together in Fort Worth, TX. We have saved up around $20k and have no big expenses or loans. We are interested in this being an investment instead of a forever home. My main questions are the following:

What kind of investment strategy should we do? (BRRRR, House Hack, Flip, etc)

What kind of mortgage should we be seeking? (FHA, Traditional, 15-year/30-year)

How do I find banks to inquire about a interest rates and submit pre-approvals?

What are the efficient steps to go about this? (Find a home first or get pre-approved and then find a realtor?)

I'm sorry if there questions are dumb but a lot of this stuff I have been reading can get confusing. If there are any videos I should watch or any beginner threads I should read please feel free to share them.

Thank you!

I would get pre-approved first! I would also shoot for a house-hack that needs some work so that you can BRRRR it and get more equity and cash flow in it. These are all great questions to ask! As for banks, just call all of your local banks and ask them about buying a home. I'm sure they will connect you with somebody pretty quickly. I'm going to be an agent in Austin here pretty soon, so if you want any help just let me know! I would love to talk more about it :)

Basically, House-Hack BRRRR on an FHA loan or an 80-10-10/80-15-5 loan is ideal! Pre-approval doesn't take long at all. Your lender can help you out with getting the best financing for sure.

As for information, I would start with just reading some of the books on Biggerpockets.com... The one on house-hacking might be great since it's the easiest way to get into your first investment property.