Hi everyone, excited to be apart of this community.

[Bree Jimenez]

Hello everyone, my name is Bree I am a new investor looking into get my first rental property and try the BRRR method what tips and advice does anyone have when getting your first rental property? Also, what is the preferred credit score when refinancing does it matter?I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this. Is there anyone in my area i can get connected with? I finished my business plan finally recently. I started my LLC in the summer and still working through some kinks getting website started for marketing. Right now we have a schedule for everything we do D4D, sticky notes, we use dealmachine to find leads. I am potentially looking into getting a trailer at the begining of the year getting a trailer that may need some work to rent out. I also would like to get into the BRRRR method. I am ready for all things real estate but starting out I am doing one thing. I have over 30k coming in very soon and working on credit score. Any advise and information is greatly appreciated. I am always opening to learning more i also would like to be pointed in the direction of a reputable financial advisor for business purposes. Thanks in advance. Take it easy i am still a rookie and trying to learn all things possible. I have also read alot of books.

[Pat Aboukhaled]

Hey Bree,

It's fantastic to see your excitement... it reminds me of a friend of mine who was in your shoes not too long ago. She jumped into the BRRR method and found some unexpected challenges, but also some great successes.
When I started out, I realized that having a solid network was more valuable than any textbook could teach me. My buddy Mike, for instance, found his first investment property through a tip from a local barista and talk about being at the right place at the right time.
Regarding your credit score, while higher scores can open more doors, I've seen folks make strides with scores in the mid-600s. Lenders often consider the whole picture, so keep building that credit but don't let it hold you back from exploring options.
Since you're considering a trailer to fix up, have you thought about markets like East Phoenix or the outskirts of Austin? A client of mine recently renovated a mobile home in Tempe, and it's become a surpisingly lucrative rental. From what I read in the Wall Street Journal, there's a growing demand in those areas.
If you're on the lookout for a reputable financial advisor, I know someone here in Scottsdale who's helped new inverstors navigate the financial maze. Happy to introduce you if you're interested.
Starting out can feel like drinking from a firehose, but remember, everyone starts somewhere. If you'd like to chat more... maybe swap some stories over a decent cup of coffee... just say the word.

Take care, Pat & Jasper

Turning investment visions into REALITY in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

[Mark Munson]

Welcome @Bree Jimenez

I suggest looking into the North Carolina Real Estate Investors Association (NCREIA). It is maybe a couple hundred dollars to join and you can attend numerous classes and meetings. I always suggest that for new investors, as their is a wealth of information and resources there. 

As far as credit, you would want a score above 680 ideally to get the highest loan to value on a cash out refinance, but I would aim higher at 720+ as that comes with a significant rate drop. I'd be happy to connect further and see how I can help, feel free to message me. 

[Bernice Retzloff]

Welcome to BP Bree!

Investing in Memphis, TN could be a great move for you, especially if you're looking for positive cash flow. Memphis has a pretty affordable housing market and tends to offer solid rental yields, which might align well with your goals.

Let me know if you need any more info or want to chat further about this.

[Bree Jimenez]

Hi thank you so much, I will reach out to gather more information. 

[Bree Jimenez]

Quote from @Pat Aboukhaled:

Hey Bree,

It's fantastic to see your excitement... it reminds me of a friend of mine who was in your shoes not too long ago. She jumped into the BRRR method and found some unexpected challenges, but also some great successes.
When I started out, I realized that having a solid network was more valuable than any textbook could teach me. My buddy Mike, for instance, found his first investment property through a tip from a local barista and talk about being at the right place at the right time.
Regarding your credit score, while higher scores can open more doors, I've seen folks make strides with scores in the mid-600s. Lenders often consider the whole picture, so keep building that credit but don't let it hold you back from exploring options.
Since you're considering a trailer to fix up, have you thought about markets like East Phoenix or the outskirts of Austin? A client of mine recently renovated a mobile home in Tempe, and it's become a surpisingly lucrative rental. From what I read in the Wall Street Journal, there's a growing demand in those areas.
If you're on the lookout for a reputable financial advisor, I know someone here in Scottsdale who's helped new inverstors navigate the financial maze. Happy to introduce you if you're interested.
Starting out can feel like drinking from a firehose, but remember, everyone starts somewhere. If you'd like to chat more... maybe swap some stories over a decent cup of coffee... just say the word.

Take care, Pat & Jasper

Turning investment visions into REALITY in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

 Thank you so much,i will be shooting you a text if you dont mind thank you. 

[Max Wilhite]

Welcome to the BiggerPockets family! Whether you’re a beginner or experienced, you’ll find a wealth of information and support here. Jump in, ask questions, and don’t be afraid to share your journey. We’re all here to help each other succeed—glad you’re joining us!

[Bree Jimenez]

Thanks so much, it seems like a welcoming community already. 

[Julia Lyrberg]

Hey Bree! You're off to a solid start, especially with all the groundwork you've done. For your first BRRRR, finding a good contractor and possibly a property manager is key if you're not handling everything yourself. Aim for a credit score of 680+ for better refinance options. Connecting with local real estate meetups or groups can help you build a network and find the right resources. As a DSCR lender, feel free to reach out if you'd like any guidance on the financing side. Good luck, and keep going!

[Jordan Ray]

Quote from @Bree Jimenez:

Hello everyone, my name is Bree I am a new investor looking into get my first rental property and try the BRRR method what tips and advice does anyone have when getting your first rental property? Also, what is the preferred credit score when refinancing does it matter?I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this. Is there anyone in my area i can get connected with? I finished my business plan finally recently. I started my LLC in the summer and still working through some kinks getting website started for marketing. Right now we have a schedule for everything we do D4D, sticky notes, we use dealmachine to find leads. I am potentially looking into getting a trailer at the begining of the year getting a trailer that may need some work to rent out. I also would like to get into the BRRRR method. I am ready for all things real estate but starting out I am doing one thing. I have over 30k coming in very soon and working on credit score. Any advise and information is greatly appreciated. I am always opening to learning more i also would like to be pointed in the direction of a reputable financial advisor for business purposes. Thanks in advance. Take it easy i am still a rookie and trying to learn all things possible. I have also read alot of books.

Sounds like your very excited, you should be! I would actually recommend using the agent finder for the market your looking to get started in to find you an agent that specializes in out-of-state investors in your chosen market. I currently invest and own a rental portfolio and also assist investors building their portfolios in Memphis TN, so let me know if I can help you here! Good luck investing!

[Ryan McCombs]

Hey Bree,

Welcome! Great to see you're in North Carolina—a lot of hot markets there. We’ve also expanded into Ohio, covering areas like Cleveland, Columbus, and the surrounding cities.

One of our first flips was a trailer out in Mt. Olive. If it weren’t for some contractor issues, we would have netted around $60K, but it ended up closer to $45-50K (I don’t have the exact numbers on hand). Right now, we only have a couple of rental properties; they were turnkey investments that my business partner had before I joined him.

A bit of advice that might seem obvious but often gets overlooked: stay very organized. Keep all your documentation and backups. Track everything, including conversations with sellers and buyers, in your CRM and on Excel. This way, you can easily revisit details and pick up right where you left off.

Avoid cutting corners to save money, as it often costs more in the end. Find a reliable team, offer fair pay, and keep them motivated to stick with you for future projects.

That’s what I have off the top of my head. I handle dispositions and tech; my business partner is more experienced with exit strategies and the finer points of investment.

Hope this helps! Feel free to DM me and we can connect or I can connect you with Mike. He's a wealth of knowledge and we don't gatekeep.

[Bree Jimenez]

Quote from @Ryan McCombs:

Hey Bree,

Welcome! Great to see you're in North Carolina—a lot of hot markets there. We’ve also expanded into Ohio, covering areas like Cleveland, Columbus, and the surrounding cities.

One of our first flips was a trailer out in Mt. Olive. If it weren’t for some contractor issues, we would have netted around $60K, but it ended up closer to $45-50K (I don’t have the exact numbers on hand). Right now, we only have a couple of rental properties; they were turnkey investments that my business partner had before I joined him.

A bit of advice that might seem obvious but often gets overlooked: stay very organized. Keep all your documentation and backups. Track everything, including conversations with sellers and buyers, in your CRM and on Excel. This way, you can easily revisit details and pick up right where you left off.

Avoid cutting corners to save money, as it often costs more in the end. Find a reliable team, offer fair pay, and keep them motivated to stick with you for future projects.

That’s what I have off the top of my head. I handle dispositions and tech; my business partner is more experienced with exit strategies and the finer points of investment.

Hope this helps! Feel free to DM me and we can connect or I can connect you with Mike. He's a wealth of knowledge and we don't gatekeep.

 Thank you so much I will message you for sure because i have some questions, we use google sheets to stay organized right now. Thank you for all the tips an I am a learner of life trying to get all the knowledge i can get. 

[Bree Jimenez]

Quote from @Jordan Ray:

Quote from @Bree Jimenez:

Hello everyone, my name is Bree I am a new investor looking into get my first rental property and try the BRRR method what tips and advice does anyone have when getting your first rental property? Also, what is the preferred credit score when refinancing does it matter?I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this. Is there anyone in my area i can get connected with? I finished my business plan finally recently. I started my LLC in the summer and still working through some kinks getting website started for marketing. Right now we have a schedule for everything we do D4D, sticky notes, we use dealmachine to find leads. I am potentially looking into getting a trailer at the begining of the year getting a trailer that may need some work to rent out. I also would like to get into the BRRRR method. I am ready for all things real estate but starting out I am doing one thing. I have over 30k coming in very soon and working on credit score. Any advise and information is greatly appreciated. I am always opening to learning more i also would like to be pointed in the direction of a reputable financial advisor for business purposes. Thanks in advance. Take it easy i am still a rookie and trying to learn all things possible. I have also read alot of books.

Sounds like your very excited, you should be! I would actually recommend using the agent finder for the market your looking to get started in to find you an agent that specializes in out-of-state investors in your chosen market. I currently invest and own a rental portfolio and also assist investors building their portfolios in Memphis TN, so let me know if I can help you here! Good luck investing!

Thank you so much, I will be adding you to my contacts for future references. So far i am so empressed by all the information and support this means alot. 

[Bree Jimenez]

Quote from @Julia Lyrberg:

Hey Bree! You're off to a solid start, especially with all the groundwork you've done. For your first BRRRR, finding a good contractor and possibly a property manager is key if you're not handling everything yourself. Aim for a credit score of 680+ for better refinance options. Connecting with local real estate meetups or groups can help you build a network and find the right resources. As a DSCR lender, feel free to reach out if you'd like any guidance on the financing side. Good luck, and keep going!

 Thank you so much Julia, will keep in touch appreciate your feedback.

[James Wise]

Quote from @Bree Jimenez:

Hello everyone, my name is Bree I am a new investor looking into get my first rental property and try the BRRR method what tips and advice does anyone have when getting your first rental property? Also, what is the preferred credit score when refinancing does it matter?I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this. Is there anyone in my area i can get connected with? I finished my business plan finally recently. I started my LLC in the summer and still working through some kinks getting website started for marketing. Right now we have a schedule for everything we do D4D, sticky notes, we use dealmachine to find leads. I am potentially looking into getting a trailer at the begining of the year getting a trailer that may need some work to rent out. I also would like to get into the BRRRR method. I am ready for all things real estate but starting out I am doing one thing. I have over 30k coming in very soon and working on credit score. Any advise and information is greatly appreciated. I am always opening to learning more i also would like to be pointed in the direction of a reputable financial advisor for business purposes. Thanks in advance. Take it easy i am still a rookie and trying to learn all things possible. I have also read alot of books.

 Welcome

[River Sava]

Hey Bree, welcome! 

For your first BRRRR, plan for extra in your rehab budget—unexpected costs happen. As for refinancing, have you looked into DSCR loans? I'll include a BP article below that highlihgts the gist of them in alignment with BRRRRs.

Also, I lived in NC for a bit, so happy to connect and introduce you to some folks in the area. 

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...

[Jimmy Lieu]

Quote from @Bree Jimenez:

Hello everyone, my name is Bree I am a new investor looking into get my first rental property and try the BRRR method what tips and advice does anyone have when getting your first rental property? Also, what is the preferred credit score when refinancing does it matter?I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this. Is there anyone in my area i can get connected with? I finished my business plan finally recently. I started my LLC in the summer and still working through some kinks getting website started for marketing. Right now we have a schedule for everything we do D4D, sticky notes, we use dealmachine to find leads. I am potentially looking into getting a trailer at the begining of the year getting a trailer that may need some work to rent out. I also would like to get into the BRRRR method. I am ready for all things real estate but starting out I am doing one thing. I have over 30k coming in very soon and working on credit score. Any advise and information is greatly appreciated. I am always opening to learning more i also would like to be pointed in the direction of a reputable financial advisor for business purposes. Thanks in advance. Take it easy i am still a rookie and trying to learn all things possible. I have also read alot of books.

Hi Bree, super excited for you on your REI journey! For BRRRRs, make sure to focus on accurate ARV and repair numbers. Also keep reserves beyond your 30k for unexpected issues. Aim for 720+ for best rates, I suggest start building relationships with your local lenders. Happy to connect and answer any questions. Best of luck!

[Regina Blake]

Hi, Ohio is a great place to invest in real estate please reach out if you have any questions. Best of luck!

[Nicolas Martin]

Quote from @Bree Jimenez:

Hello everyone, my name is Bree I am a new investor looking into get my first rental property and try the BRRR method what tips and advice does anyone have when getting your first rental property? Also, what is the preferred credit score when refinancing does it matter?I have been listening and tuning into real estate rookie for over 2 years now, I have also been on YouTube university and watching and learning a lot about REI for over 2 years now and I am ready to apply what I know and get started my biggest goal is to get another deal under contract I understnad their will be trial an error but I'm excited about this. Is there anyone in my area i can get connected with? I finished my business plan finally recently. I started my LLC in the summer and still working through some kinks getting website started for marketing. Right now we have a schedule for everything we do D4D, sticky notes, we use dealmachine to find leads. I am potentially looking into getting a trailer at the begining of the year getting a trailer that may need some work to rent out. I also would like to get into the BRRRR method. I am ready for all things real estate but starting out I am doing one thing. I have over 30k coming in very soon and working on credit score. Any advise and information is greatly appreciated. I am always opening to learning more i also would like to be pointed in the direction of a reputable financial advisor for business purposes. Thanks in advance. Take it easy i am still a rookie and trying to learn all things possible. I have also read alot of books.

You're off to a great start, Bree! For BRRRR, focus on the 70% rule to build equity. Aim for a credit score of 680+, with 700+ preferred for better refinance terms. Starting with a trailer is a smart, low-cost option. Use your $30k for down payment or initial rehab but budget extra for unexpected repairs.

Your lead methods (D4D, DealMachine) are strong. Keep networking to find deals and build a reliable team. A financial advisor with real estate experience can help you plan effectively.

[Bill Hampton]

@Bree Jimenez

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

Also, look for a financial advisor who is a fiduciary. Many stockbrokers and insurance salesmen are not fiduciaries. 

Good luck and let me know if you have any questions. 

[Basit Siddiqi]

I think you are doing some things that are not required.

You didn't need the LLC to start off with.
You don't need to build a website

You mentioned needing to work on your credit score. What is wrong with the credit score?
If you have large debt with a high interest rate, I would consider paying that off before getting started investing in real estate. 

In my opinion, dealing directly with the seller for the first deal can be difficult. I would consider getting 1-2 deals on market before you purchase off-market. This way you will know what is a good deal and what is not a good deal.

Best of luck.

[Gladimir Lobo]

Welcome. New to investing. Exciting.