Need help getting started (BRRRR Method)

[Kameron Patterson]

Good Afternoon BP.

I am looking to get started using the BRRRR Method but need some advice.

- I am in the Indianapolis market.

 - I have a duplex I cashflow $500 on but do not have any equity in it as it was turn key.

- I have an above average credit score.

- I have a decent day job.

- I am looking to utilize the BRRRR method and have been reaching out to HML but keep running into issues.

- I only have about $12k in accessible capital

- I can utilize a partnership but don't have an experienced partner

How can I get started?  

What creative finance method worked for you that I can utilize?

Thanks,

Kameron Patterson

[Brian Ellis]

Not sure what the prices are in your market, but with HML you are probably looking at 10% down.

You cant do anything with the duplex if there is not much equity in it, unless you sold it and started the BRRRR method.

Your options are:

1. Sell and use whatever you net for a better deal that you can BRRRR

2. Start living extremely frugal and save 

3. FHA or a similar loan 3.5% down (owner occupant) This might not work because of FHA requirements, it would be hard to find a value add property this way

4. If you have a primary residence you can use the equity in that to get started