My wife and I live in the Springfield, MO area and are wanting to start investing locally. We have 20k in savings and about 30k of equity in our current residence. We are juggling between three different options to get started and would appreciate any and all insight/advice.
Our first option is to sell our current residence and house hack a 2-4 family property using an FHA loan. Current listings on the MLS have between a 5%-12% cap rate in this area for 2-4 family properties.
A second option is to find a single-family property with at least 2 acres and living in a camper while renting out the single family residence. I guess this would be considered house hacking, but I'm assuming we'd have to use a conventional loan since we wouldn't be physically living in the house.
Our third option is to keep our current residence (which we have a great interest rate on) and invest in a property under 100k using either the BRRRR or turnkey method.
Let me know which option you think would work the best or if there is an option that I didn't mention that would be better! Thanks!
