House flipping / BRRRR guidance

[Aqsa Mughees]

Hi, I have some savings (under 50k) and want to invest in real estate, preferably BRRRR or a house flip.

1. I have done some research and feel like Midwest is a good option for either (might be wrong). Need guidance. 
2. What are the pre-reqs of BRRRR / house flip?
3. I need someone to manager everything for me. Is there a way to do that? 

[Ko Kashiwagi]

Hi Aqsa,

Where specifically in the Midwest? There are many investors doing BRRRRs out of state in Midwest (KS, OH, MI, etc). When you say pre-reqs, do you mean in terms of qualifying for a loan? You'd want to have good FICO and enough liquidity. It's difficult to be completely hands off on your first one because BRRRR and flips are active investment methods. If you want to be hands off, it's better to do a rental. Otherwise, you can achieve it by gathering a team, hiring a project manager, partnering with a sweat equity partner, or using turnkey BRRRR companies.

[Aqsa Mughees]

Hi! What do you mean by hands off? Also, I have zero knowledge on what areas in Midwest will be good. Heard about Ohio though. Don’t have any data points. I can’t work with interest due to personal preferences so I don’t know what option will work the best for me. 

[John Mason]

Good morning aqsa

You can find Property managers who will do that for you

Yes you can start with BRRR and connect with people who invest in midwest on this forum and they can guide you

[Aqsa Mughees]

Thanks!! 

[River Sava]

Hey Aqsa - Happy to chat about BRRRRs with you. Sending you a dm.