New Bie BRRRR strategy implementation ideas

[Anurag Pallala]

Hi I'm a software developer. I lost my job in Pandemic for 7months and started working from Feb2021. I have stocks around $30k as the market is not doing great I'm expecting them to go up to $40k in few months. I have SPY 500 stocks mostly and energy based. I been watching a lot of videos since 2months regarding BRRRR strategy and buying Foreclosure houses. So, I have few friends who said they will help me to start this. I was confident and went to Auction yesterday and bought the house 1967 built 5bed 2bath .5acre lot. House is less than average to say but I liked the neighborhood and it's close good places around and the average houses costs around 150k around it. I won the Auction for 27k made a downpayment of $1350. I have like $6k and I'm checking with friends to do help me pay it. The good thing is my Uncle can construct(except Electricity and plumbing) and he gave his word that he will help for free. This is the good part, bad part is money and bad credit history like 610. I can get the money for downpayment but not sure how much percentage I should get that.

My question is do you suggest taking personal loan and also FHA myself or personal loan from my friend where he said he will apply his credit score is 700+ and I just pay the interest bank charges and monthly payment? Once my stocks shoot up I want to sell them In October and pay my friend back or ask him to refinance and pay. Any suggestions?