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Updated over 8 years ago, 09/07/2016
All I Want To Do Is - BUY AND HOLD!!!
We have started out journey toward REI freedom. After hours of talking and thinking through our goals and how we want to live our lives. Buy and Hold keeps coming to the forefront. I have a steady income through another business that I enjoy and will not be leaving anytime soon so income replacement is not an issue and I surely don't need another job as a flipper or wholesaler. Our buy and hold strategy is purely for income supplementation and to leverage into additional buy and hold strategies. Every extra dollar brought in from the property will be funneled into purchasing another prop. My question is : What is the best way to ramp up this strategy? Outside of saving up for downs of 10-20% prior to looking for another property is the BRRR strategy the best option due to its debt leverage? Help me get prepared to reach our goal of 5 properties in 2017!!!!
Congratulations!
Having a steady income through another job is a good position to be in to do residential properties, as you can get residential loans.
BRRR is a good way to get capital back out of a property to plow into the next one, but be realistic about how much equity you can force in buying one and fixing it up.
@Garrett Diegel if you aren't looking for an additional job, you will likely just be using the money you earn to buy more, nothing fancy. BRRRr?R?rr? is a way of combining a job (flipping) with investing. If you don't want another job (mail campaigns, etc.) you will not be finding off-market deals unless another wholesaler has taken their cut.
I've often thought of partnering with a flipper so that I can get part of the flip upside, but rather than selling it I would refinance at the end. There is the potential to force equity that way and scale faster than just using income alone.