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Updated over 8 years ago on . Most recent reply

User Stats

14
Posts
3
Votes
Jacob Benninger
  • Altamont, NY
3
Votes |
14
Posts

Value add in house hack situation

Jacob Benninger
  • Altamont, NY
Posted

Hello everyone,

My question is related to a house hack situation. I am a recent college grad with the ability to qualify for my first mortgage and move into an apartment building. 

I don't have a lot of money out of pocket for remodeling a property, but can afford the downpayment and closing costs. Does this limit the kind of distressed property I can buy? How could someone in my situation find a property that needs some work and then fix it up? Is earning money from your job and then fixing it slowly a way to go? 

There are a lot of articles about using the BRRR strategy and finding hard money for the remodeling, but what if that is to advanced for someone starting out? How would a first time investor looking to buy a fixer upper multifamily, to live in, make it work?

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