New Investor Looking for Guidance!

[Kellyn Cameron]

Hey everyone!

My name is Kellyn and I currently live in Huntersville, NC. My husband and I are closing on a new build townhouse in the next few weeks and within the next few months are hoping to househack it by hosting travel nurses (we have checked our HOA bylaws and there is nothing in the document restricting it).

My question lies with how I can purchase a second property sometime over the summer months in the Oshkosh, WI area by potentially partnering with my brother. He is very interested in getting involved in real estate, but he is gone most of the year playing professional basketball in Spain (he's back in WI typically May- August). We have been discussing at length whether it would be better to partner on a property we could flip and he could live in over the summer and then either sell or hold the property and rent it out OR he utilize an FHA loan to purchase a small multi family and house hack it and my husband and I purchase a property on our own. Just wanted to see what types of thoughts the BP community had on our thought processes and any suggestions to move forward.

Thank you so much and happy Friday!

Kellyn

[Corina Eufinger]

Hi Kellyn,

FHA loans and house hacking are honestly one of the best strategies to get into real estate. For a new person I would probably argue it's the best method and most reasonable. You can partner with your brother on a small multifamily househack. He gets the loan, you manage the tenant on the other side, he rehabs the unit he lives in. Then you rinse and repeat on another property after 24ish months. In the meantime during that you and your husband could be purchasing rentals through your means (or private money) and you brother could maybe do repairs on those properties as part of his responsibilities. You could go at this separately but chances are you would be more effective together with different financing options, larger network to go to for private money, etc.