All Forum Posts by: Brandon Wallace

Do FHA 203k loans require all the rehab to be done by licensed contractors or am I able to do the work myself?

I'm 23 and ready to get into my first investment property. I would like to buy a duplex and rent one of the units, and live in the other unit. Right now, I am pre-approved for a conventional loan with $200k, 5% down. There is currently a off market house that I like that needs some work done to it for $150k. My funds would be coming from a mutual fund that currently has about $23k. I'm worried about that not being enough between rehab costs, down payment, closing costs and any other fees. I thought about looking into a FHA 203k loan. Is this a bad idea? Anyone ever use a FHA 203k? Good or bad experiences?

So I'm looking at buying my first house and would like to use the BRRRR method. This is a 2part question.
1. Does the BRRRR method work if I buy a duplex and plan on living in one of the Units?

2. Is it a must that I put 20% down on a house? Possible to put something as low at 5%?