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Updated over 2 years ago,

User Stats

72
Posts
32
Votes
Anthony Phillips
  • Realtor
  • Lebanon Tennessee
32
Votes |
72
Posts

First Brrrr property breakdown. NEED some advice!!!!

Anthony Phillips
  • Realtor
  • Lebanon Tennessee
Posted

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

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