Just Starting and Need an Advice

[Upesh De Silva]

Friends,

I need your advice. After reading the BRRRR book, I decided to implement that strategy.

My Current Situation

1. Renting As of Now. Not owning any real estate under my name

2. Cash in hand is 100k

3. Credit score is 650 (I recently moved to US from Sri Lanka. Still building credit)

4. I have a steady income from my job.

5. My spouse is not working and my baby is 3 years old about to start kindergarten. So good schools are something I can't ignore when deciding the next step. 

What I'm thinking of doing

1. After reading the BRRRR book, I was thinking of buying multifamily and live in one unit and rent the other units.

Challenges

1. No multifamily units available in Richmond VA which matches my search criteria. Since I work from home, we need at least one unit to be 3 bed 2 baths near good schools

2. Building multifamily is not feasible since there are no lots available and the cost.

Questions

1. Can you all think of any other way I can jump into the real estate business using the BRRRR method

2. Should I go ahead with buying a single-family house and postponed my real estate business dream for a couple of years.

Please let me know if you need any more details from my end.

Thank You,

[Stephen Brown]

@Upesh De Silva Given all the cash you have in hand my recommendation is be patient and keep looking for the golden opportunity. Try to buy something with the least amount of money you can, but with enough equity to feel safe. I think you've got a great opportunity here to set yourself up big for the future. Maybe try buying a small apartment building and live in one of the units with your wife?