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Updated over 1 year ago, 09/05/2023
New investor needing to build capital
Hi, I'm new to real estate investing with no properties yet.
I am most interested with the BRRRR strategy, which I know needs a large amount of upfront capital. I'm looking to invest in central Ohio and believe I will need roughly $120,000 - $150,000 in capital to execute a successful BRRRR. Currently, I have the vision to raise the capital on my own with no Lonas or creative financing. After 4 months of overtime, side gigs and putting every dollar away I can, I have under $10,000 saved up. At this current rate it looks like raising this much capital would take 3+ years.
I fully understand real estate investing is not a "get rich quick" scheme and good things take time but I am eager to get started as soon as possible. Also, central Ohio is set to boom in the next 3-5 years and I would hate to miss this opportunity.
Questions to the readers:
1. What type of job/ side gig should I consider to raise capital faster?
2. Should I consider getting into house flipping first and build capital through profits on the flips?
3. Any other advice would be appreciated
Thank you in advance for your suggestions.