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Updated over 8 years ago, 09/07/2016

User Stats

241
Posts
85
Votes
Garrett Diegel
Pro Member
  • Rental Property Investor
  • Nevada
85
Votes |
241
Posts

All I Want To Do Is - BUY AND HOLD!!!

Garrett Diegel
Pro Member
  • Rental Property Investor
  • Nevada
Posted

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!!!!

  • Garrett Diegel
  • User Stats

    324
    Posts
    267
    Votes
    Brendon Woirhaye
    • Rental Property Investor
    • Whittier, CA
    267
    Votes |
    324
    Posts
    Brendon Woirhaye
    • Rental Property Investor
    • Whittier, CA
    Replied

    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.

    User Stats

    1,981
    Posts
    1,198
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    Bryan O.
    • Specialist
    • Lakewood, CO
    1,198
    Votes |
    1,981
    Posts
    Bryan O.
    • Specialist
    • Lakewood, CO
    Replied

    @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.

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