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Updated 8 months ago on . Most recent reply

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Alessa LeSar
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I'm ready to strategize!

Alessa LeSar
Posted

2 years ago, I decided I wanted to get into house flipping, so I got my RE license last Jan. I sold 20 houses last year in my local market (ASHEVILLE NC). I wrote my goals for this year and on that list was to put myself in a position to buy my first investment. My team leader has  kinda talked me out of flipping (capital gains, overhead, carrying costs blah blah) so I started listening to Bigger Pockets podcasts. Part of the reason I want to flip is A) make something functional and useful again and B) use the artistic side of my brain to create beauty. I love design. 

I have a husband and 2 kids and I promised my son we wouldn't move again until he has graduated high school (3 years). So house hacking isn't really an option for me either. So now I am thinking BRRR might be my best avenue. I have about 20k saved right now, so not a lot of savings. Someone on my team suggested a DCSR loan (did I get that right?) and to purchase a duplex or triplex. I also have about 80K in equity in our home that I may be able to tap into (is this advisable?). Because I am an agent, I have pretty awesome network of folks that I can employ to help rehab properties, and I know my area well enough to find properties that I think would be good investments (in terms of location and rental values).

I would love any advice anyone wants to send my way!! I am going to sign up for a boot camp, I joined BP PRO, I am reading forums. Essentially the reason I was successful in my first year of real estate was not reinventing any wheels. I did what people who were successful suggested I do, and it worked. Now I am looking for a new group of successful people to follow in their footsteps. I am a hustler first and foremost and intend to reach financial freedom in the next 10-15 years. TYIA for sharing your wisdom!
 

  • Alessa LeSar
  • Most Popular Reply

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    Wale Lawal
    • Real Estate Broker
    • Houston | Dallas | Austin, TX
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    Wale Lawal
    • Real Estate Broker
    • Houston | Dallas | Austin, TX
    Replied

    @Alessa LeSar

    The BRRRR method is a way to grow a a limited-capital real estate portfolio by buying homes, fixing them up, renting them out, refinancing, and doing it all over again. It uses loans like DSCR and tapping into home equity. Having a strong team and network around is key to doing well. Start with small steps, pick deals wisely, plan your spending, and always have a plan B. Set clear, simple goals and break your 10-year goal into smaller, doable steps. Putting money back into buying more properties can really help your growth speed up. Using what you know well and learning from others can also help you move forward.

    Good luck!

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