Financing options and opinions

[Joshua Dubke]

Hi everyone I hope everyone is having a great day! I am a new investor and looking at a property for a potential birth strategy or Fix and Flip type deal. I would even be not against living in it however I would like to figure out a way to pull my money out. I'm not sure if the repair is needed as of yet the sale is marked as is however it is listed wrong at two bedrooms one bathroom and is actually three bedrooms and two bathrooms with almost 2300 square feet and on 8 Acres. The home is listed for 149 thousand and the comps in the area seemed to be around 250,000 and up naan with the amount of property that this is on however. I'm trying to figure out what the best way to finance this option would be. This would be my first investment property however I do own a home currently and one of my concerns is the debt to income ratio based on that. I thought about hard money but I know that it comes at an expensive rate and from using the bird calculator I'm not sure if I'm running my numbers properly but it doesn't make too much sense to do it that way maybe I don't know how to put the numbers in exactly. I'm looking for opinions on how to go about it. Does anyone have experience with this? One of my ideas was to move in and do a Fix and Flip and rent out my current home however the financing according to the listing States cash 203k or land contract. Does anyone recommend trying a hard money lender for my first investment repair property like this or should I try to go for a Fix and Flip live in at the three and a half percent down. Any opinions would be greatly appreciated thank you!