FHA or BRRR with OPM?

[Benjamin Cooper]

Hello everyone,

I'm a brand new investor in the Richmond, Virginia area and planning to buy my first home this year. The idea is to find a small multi-family and house hack it. My wife and I qualify for a first time home buyer loan as we have never owned before. The catch is that I'm also looking for a great deal that has potential to BRRR and that might not be feasible to repair with the loan from the bank. The question is should I use the first time home buyer loan and get a place that needs fewer repairs or borrow other peoples' money to BRRR my first property?