BRRRR advice for a new investor
Hey everyone,
So I'm in the research process right now what niche I want to experiment with first in my real estate investing career. I am in the process of doing a cash out refi on my primary residence so that I can have some capital for investing. When all is said and done I will have right around 45-50k of capital to work with. Originally I was looking into buying an out of state, turn key, MF property to get a good base knowledge of the process and have a solid investment to work up from. However the BRRRR strategy has me extremely interested. The thought of being able to take my 45-50k and invest in a way that I can refi that money back out in about 6 months seems like a definite win-win. I'm looking for some advice from someone who has experience in these scenarios. I currently live in southern California so I'm still leaning toward investing out of state either way I go. Unless someone can give me some pointers on how to stay in state AND in my budget. Additionally, if I do go out of state what are some good areas to look into for BURRR investing ? I'm all for researching an area and figuring out what rent and comps are, but I don't really have a way of narrowing the search.
One last thing, I have read a ton of posts about the BRRRR strategy but I haven't found the source reading on it. Is it in a specific book that I need to pick up? or a specific podcast ? Id love to get the info straight from the horses mouth.