@Dee FreemanRent your house out and buy another with FHA. That's a great way to get started.

Yeah about what I was thinking, ty

Buy a new house using an FHA loan & some of your $30k. Move into new house, rent old house for $1,200/mo.

I agree you could use a HELOC on your current home if you want to get into flipping houses or BRRRR for example, if you are looking for something long term then I would look to getting qualified for a 3.5% down FHA or 5% down Conventional loan for a small multifamily, or single family with another rentable space.I don't know cleveland but I don't know many credible investors saying that houses will crash substantially further in price. Some area's are already leveling out & starting to rebound a little.

Since you have no mortgage I'd do a HELOC and use that to invest. Connect with local people and build a team

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Updated about 1 year ago, 12/06/2023

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Dee FreemanPoster

General Real Estate Investing

How to start off

Dee FreemanPoster

Posted November 30, 2023 20:45

I wanna start investing in real estate. I own my own house no mortgage. I have about 30k cash. I don’t know if I rent my current residence out for 1200 mo, and purchase well finance a new loan to reside in the house using fha so I do the 3.5 down. The market is so high right now so not sure how to go about. Please advise

Cleveland, Ohio

1 Vote