Hello I am brand spanking new I have been listening to the podcast for about a year and a half nonstop from episode one. Then a recent one REALLY caught my attention and made a lot of sense to me. The BRRR Method . A little background context about me. I live in Los Angeles but I am thinking of Buying and Renting from afar in Dallas /San Antonio.
I get the concept but action and practice seems to always be different in everything I do.
Any tips , contacts, and advice is much appreciated . Thank you BiggerPockets Family.
You should look for a 4 plex because you can get the most bang for your buck doing that and you can do that by only putting 5% down OR using a Hard Money Lender that does a rental program for only 3 points down. I found a 4 plex for a client last week that is $122k and he the rents are $2350 a month. He plans on living in one of the units and renting the other 3 out as well as improving the property and increasing rents. We estimate an ARV of $250k when he is done and its located Downtown SA.
You should look for a 4 plex because you can get the most bang for your buck doing that and you can do that by only putting 5% down OR using a Hard Money Lender that does a rental program for only 3 points down. I found a 4 plex for a client last week that is $122k and he the rents are $2350 a month. He plans on living in one of the units and renting the other 3 out as well as improving the property and increasing rents. We estimate an ARV of $250k when he is done and its located Downtown SA.
You should look for a 4 plex because you can get the most bang for your buck doing that and you can do that by only putting 5% down OR using a Hard Money Lender that does a rental program for only 3 points down. I found a 4 plex for a client last week that is $122k and he the rents are $2350 a month. He plans on living in one of the units and renting the other 3 out as well as improving the property and increasing rents. We estimate an ARV of $250k when he is done and its located Downtown SA.
Wow that's a great deal! Congrats to him I have yet to find a good MFH here
Hi @Alex K. and Happy New Year! The BRRRR method is a great way to go in San Antonio at its current growth rate!! There are a lot of options from single family with back houses to multi family and apartments! It depends on what your comfort level is working with tenants and how much money your working with to buy and rehab.
I'd recommend to visit both cities and meet with as many RE investors as you can while you're there, decide which one you want to buy in (or pick a part of town you prefer for each city), narrow down what type of property (if you need a loan- talk to some different hard money lenders about your plans), and start working with a wholesaler or realtor to help find your deal!
Congrats on taking the first step and getting out there!
I would agree with Tonya. And also If you could plan a trip to coordinate with some of the meetups that would be your best bet.
I’m a little biased with San Antonio being my city but there are some pretty good people at the meetups here and everyone is willing to help.
I’ve been to one that meets on the second Tuesday each month with Seth Teel and went to one last night that meets on the second Wednesday with @Nick Disney and @rick pozos.
Welcome to BP @Alex K. and the wonderful world of real estate investing! San Antonio is a great market for the BRRR strategy. To get this going here's my advice for getting started ASAP:
Determine your buying criteria
This is huge because you'll waste a ton of time analyzing properties if you don't know what you're looking for. Not every deal is a deal if it doesn't fit your criteria. Be specific and know what you're looking for.
Line up your financing
However you are going to fund your deals, you need to get this lined up since you know your exit is to refinance. Cash, private money or hard money will get you into the deal easily, but you need to know your exit. Find a local bank or broker to work with or a hard money lender that offers long term rental financing.
Get connected - Specifically with folks in your target market who will be your boots on the ground. Agents, wholesalers, insurance folks, etc. I'd be happy to introduce you to some people here in the San Antonio market. Investor Facebook groups are a great place to find people that are actually moving deals. I've got an agent contact here in San Antonio that works with investors and also vets contractors to pair with her clients (most of which are out of state investors). She'll even manage your rehabs for a small fee each month.
Start Making Offers - If you've done the above, you just need to start getting offers out there. Stick to your criteria and don't quit until you have your first deal.\