Salt Lake City college BRRRR

[Talon Hawkes]

Hi all,

The last few months I've been educating myself on different real estate strategies and came across BRRRR. I'm going to be moving out of my parents house ( I am 19) to go to college at Utah state University. My question to you is can I live in this multi family house that I buy for the four years of university, and then refinance after I move out or can I refinance after 1 year while still living in it and get my money out to move it to a new deal while still living at this house?

I'm thinking of saving up 20,000 and then putting 12,000 down for FHA loan and having a buffer for cap-ex and repairs.

Is this a good idea for a college kid who has little income from part time job to be buying a multi family home?

My other idea, which would be a lot cheaper, is to buy a mobile home and fix that up and sell which might only cost me 10,000 if I do it right.

[Cherie Orellana]

@Talon Hawkes That sounds like a great idea. Usually it is the parents financing an investment property while their kids go to college at BYU or UVU. 
My son just bought his first househack at 19 as well! 

You can do a cash out refinance after the 1 year while still living there or when you move.  
I believe there are a few people places you have the option to get a HELOC on the property while owner occupied as well.

FHA is the best low money down option for multi unit. If you refinanced out you could use your FHA again otherwise Another option may be a single family with a legal accessory apartment / ADU or a single family with mother in law while owner occupied.

You could finance it Conventional with 3-5% down. 
Utah county did recently approve the ability to add an ADU in A overlay zones as well.
I would be open to any real estate/ housing investment that the numbers and overall picture made sense.  

I think it’s a good idea as long as you have some cash saved up like you plan to have a buffer and as long as the property generates enough income to nearly pay for itself while living there and cashflows once you move.