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Updated 12 months ago,
Can (or should) first time investors BRRRR?
No preconceived notions here, just want to hear from some different perspectives! Can, or should, first time investors BRRRR?
When I started building a 5 year plan for myself I thought it made sense to buy my first property and BRRRR it since I want to get in at a low price point and force equity/refi so I could buy a second property faster than by saving up with my W2. But after speaking with a local investor-agent, he felt pretty strongly that a first time investor should just scratch BRRRR from their vocab and buy something nearly turnkey, collect the steady drip of cash flow for a few years, and save up for property two via W2, and then start to think about BRRRR. In fact, he's been doing it about 20 years himself and only just started getting into BRRRRing I guess.
I've consumed enough podcasts, courses, etc to know that there's many paths in and a lot of it is dedication and due diligence.
But curious if there's any other strong opinions out there. Do you agree? Or do you think BRRRR is feasible for a first timer?