Hey guys! I'll get right to it.
My family and I have been renting for as long as I can remember. As a recent first-generation college graduate who just landed a corporate job in web development, my crosshairs are now set on strategizing toward starting the generational wealth train and getting out of the renting cycle.
Currently, I'm thinking about utilizing an FHA loan and having my Dad as a co-signer to acquire a multi-family unit for the benefit of having rented units contribute to the mortgage payments. I plan on being roommates with my Dad on one floor (ideally a duplex down or up) and renting the other unit to my Mom.
Additionally, the BRRRR method is an extremely attractive and attainable RE investing model that I'm interested in pursuing. A good friend of mine just got started himself, and recently closed his first long-distance property. Talking with him about the process so far has piqued my interest even more. However, he already lives in a single-family home and is well on his way through the mortgage loan on the house so his use case doesn't really help inform my decisions for the future.
From what I've researched so far, single-family properties are the bread-and-butter for the BRRRR method when looking to get in on the ground floor. As such, I'm having trouble figuring out exactly how the BRRRR method would integrate into my current desire to grab a multi-family property as my first house. What would the ideal pathway forward into BRRRR investing be given my current circumstances? Should I instead prioritize a single-family home first? Or would a multi-family home still be feasible?
Thanks in advance! I've been lurking BiggerPockets forums for awhile so I figured it makes the most sense to pose this question to the professionals instead of spending countless hours on Google! 😁
