Looking For Advice On First Investment

[Justin Holwell]

I am considering investing in real estate in the near future. I have been doing as much research as possible, and really like the idea of BRRR investing. I am looking at opinions and points of interest that I may not have thought about.

Basic Info - Capital being used is a HELOC in the amount of $150k- I also have around 50K additional funds that can be used if needed.

I currently live in Northern Colorado and am considering multi-family or SFH primarily in the Greeley Colorado area. The only problem I am finding is that 200k is not enough cash to purchase anything in that area. Does anyone have any ideas on how to properly BRRR in this area efficiently with the capital I have? Are there other local areas I should be checking out instead? Should I purchase a Duplex in the 275k range with a mortgage then get another mortgage after the rehab has been done? I know that this will cause me paying closing costs twice which doesn't seem to be very cash flow friendly.

I also have family in the Houston area. I have been looking at multi-family as well as SFH's in that area. I do have a hesitation with out of state rentals, but again that may be due to a lack of education in the process, and a fear based on nothing. Does anyone have any advice in this area and or suggestions on which market is better.

I have also considered the idea of going all in with a large Multifamily deal and using the 150k as a down payment on a $650 to $700k property. The obvious problem is cash flowing while also paying for the HELOC payment of $850 dollars a month. I do think a good cash flowing Multifamily unit may be the best option, but again I am still learning the ropes with rentals.

If anyone has any advice it would be greatly appreciated. Thanks in advance. 

Justin