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Updated over 2 years ago,
First Brrrr property breakdown. NEED some advice!!!!
So I just completed my first Brrrr.
Purchased house- $235k
Rehab-15k
Appraised value- 325k
Currently rent- $1,950
Mortgage- $1,681
Cashed out $250,000
So
I think I did a pretty good job for my first brrrr took a little longer
then I wanted with contractor problems and delays. I will have all my
initial investment back and the property is cash flowing. I just keep on
getting the feeling I am leaving so much money (equity) on the table. I
know this is a long term play when using the brrrr and not flipping.
Maybe some more experienced investors could give me some advice. I am currently a W-2 employee making good money. I also have my Real Estate license here in Tennessee. My goal is to try to transfer into being a full time real estate agent in 2 years and continue investing in real estate to hopefully make as much cash flow to pay my bills. This whole brrrr took me about 4-5 months to complete which I think with the proper contractors and plans in place could be cut down to maybe 3. That would only give me about 4 properties I could do in a year if I could find a deal that works. With only making the few hundred dollars and cash flow it will take me a long time to build up to the amount I needed to do real estate full time.
Any Advice from all you veterans of the Real Estate game that were in my shoes at one point??? Thanks guys