Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 11 months ago on . Most recent reply

User Stats

1
Posts
0
Votes
Noah Worley
0
Votes |
1
Posts

21 year old with paid off house looking to invest

Noah Worley
Posted

Hello all. I have question for some more experienced minds. To start off, I am not new to the game, my father was an experienced flipper and he figured out how to BRRR himself before YouTube was really a thing. He passed away when I was 16 and left me a paid off mobile home. Once I finish renovations it will be worth 175k bare minimum

My question: what is the best way to start from here? I thought about doing a cash out refinance and using that to buy another property that needs work. I also thought about just taking out an FHA loan (since my wife and I both have 750 credit scores) and buying a house and renting out my mobile home to cover the mortgage. Then just building equity for a while until I can move again and use another fha loan. I'm basically just getting stuck on logistics. I don't want to assume too much risk, but I also want to have at least 8 houses by the time I'm 30. I'm very passionate about real estate and I cannot wait to quit my W2 and do this full time

Looking for some like minded people who have been in the game longer than me, not just keyboard warriors. Thanks guys. 

Most Popular Reply

User Stats

189
Posts
79
Votes
Jackson Harris
  • Realtor
  • Phoenix AZ, USA
79
Votes |
189
Posts
Jackson Harris
  • Realtor
  • Phoenix AZ, USA
Replied

I think your long term hold goal is a great mindset, I would be shooting for that goal of owning a few properties by the time you're 30.

As for what to do next, I would recommend a cash out refinance as long as the rent on the mobile home would cover the payment. Then take that and invest in a few different properties or 1-2 small multifamily properties. If your wife is comfortable living close to other tenants you can get some low down payment loans and have the tenants cover most if not all of the mortgage. 

  • Jackson Harris
  • [email protected]
  • 425-501-5115
  • Loading replies...