What to do with a pile of money

[Michael Malmrose]

Hello gang,

I've been a BP member for about three weeks now, and after much thought, I'd like to use the BRRRR strategy for financial freedom. Here's the lowdown...

-After refinancing, I will have about $200k to start.

-I live in the Salt Lake City area where the median home price is about $440K, and homes in "undesirable areas" are upwards of $260K. Anything less is typically a condo, a prefab, or a four hour drive to a remote area.

-I'd like to work this area, but with BRRRR, I'm not sure this makes financial sense.

A couple of questions...

-Is there a way to make this work in my area?

-Do I dare buy my first experience out of state? Like Alabama?

-Maybe try a fix and flip first?

-Any recommendations?

Thank you!

Mike