When to buy my first BRRRR SFH???

[Jared Baker]

Hello BP,

I have been reading books and looking at properties and listening to podcasts, but I can't seem to ever hear/find about how people actually get started in terms of cash.  I hear people say they bought their first property, maybe they say they bought it with cash or some sort of financing, but I never really see any numbers that go along with it.

I currently have $25k saved in the bank. I have decided I want to try a BRRRR on a SFH. Since this will be my first one, should I wait and save up more (average property that would need work is around $110k ARV about $180k-$200k). If I go about 60 minutes west of where I live property prices drop to about $40k-$60k for places that need some work done (ARV $90k-$110k). I always hear people say they their first one doesn't always go perfect. I understand I will need liquid cash for repairs and such, but the bigger question is should I go where the properties are cheaper so my "risk" is less, or should I continue to wait until I have a much large amount of cash saved?

Secondly, irrelevant to thoughts above, what are peoples opinions on what I should do with my $25k saved?

Thanks for you thoughts.