Young Man Looking for help!

[Fernando Ferrel II]

Hello everyone!! Honestly, I'm going to get straight to the point... I live in Bakersfield, CA and I'm looking for any advice or help from someone who has experience in Real Estate Investing. I'm a newbie to Real Estate Investing, but I been listening to the BiggerPocket Podcasts for while now, I believe its time to take the next step and take action. I really love the idea of the BRRRR concept, I think I would want to pursue that route. I'm driven, motivated, and super excited to begin!! Hope someone all can help (:

[Tom S.]

@Fernando Ferrel II BRRRR is a great way to produce wealth. A non-Bakersfield example, but the percentages are roughly the same in most regions.

Purchased a place for $50k, $25k rehab and it appraised at $110k after rehab.  Was then able to refi back out for 75% of the new value, so about $80k.  The original loan was $65k ($50k purchase + 25k rehab, less $10k downpayment).  So $15k net plus small closing costs.

So I got my downpayment back, still had $30k equity in the property, plus it was cashflowing as a rental. (Mortgage was $550 per month and it brought in $1500 rent, although there are other expenses of course).

Point being, a great win-win situation.  Since I got my downpayment money back thru the refi, I had cash to go and do it again!

Good luck!