Fastest way to a BRRRR-203k, FHA or irrelevant ?

[Eladio P.]

Hi everyone,

I feel like the closer I am to pulling the trigger with my first home purchase the more unanswered questions I have about making this go right or faster. I will make this as short as I can but will try to put all the inquiries I have out there.

My main goal: BRRRR as many 3 unit properties as I can next year (hit the ground running)

In order to accomplish this, I feel I have to make a good first deal, or is it irrelevant ?

I know I want a 3 family to live in one unit and rent the other two here in providence RI

Scenario 1, get a loan through RI housing which is basically a FHA loan with down payment assistance and renovate out of pocket to create some equity, I know I have to live in it for a year.

- go this route without the down payment assistance and put some money into rehab to create equity in order to refinance?

Scenario 2, get a 203k loan for a distressed property, but I don't think this will create enough equity to refinance not even in a year down the line due to the small DP and large loan. It will have to be SUPER cheap in order for a BRRRR to work.

OR, am I just over thinking this and should just go ahead with a RI housing loan (either one) and just “forget” I bought this first property and continue the next one with hard money as soon as I can without counting on the first property’s equity? I mean, one deal under the belt and I think It will open doors with hard money lenders right? And I will have cash available to put in the next deal.

Is probably confusing but that's how my head is right now lol. One more thing, can someone recommend a rockstar real estate agent ? I am ready to get the ball rolling right away. Thank to everyone to takes their time to respond :)