Approaching my first property a little different

[Levi Benton]

My wife and I are looking to purchase this fixer upper for our PRIMARY residence as our first property.

We initially wanted to do a house hack but this opportunity came up. The home is about 50% higher then what we were wanting to spend on our first home but the equity it will build for us is 200k+.

My thought process was we could get our dream home instead of working our way up to it and open up a pool of equity that we did would not of had access to in the first place. We are starting with low capital and I saw this and thought it could be a huge jump start to our business.

I know it’s different than a lot of the lessons that are taught on BP, but I wanted to see if the community thought it was a good idea too.

Numbers below

FHA 203K loan

140k purchase

35k rehab budget

175k TOTAL

Refinance at 260k to finish rehab

ARV = 440k+