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Updated over 5 years ago on . Most recent reply

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23 year with 2 properties looking for advice

Posted

Hey Biggerpockets community my name is Austin and I'm new to the community here and relatively new to investing in real estate. I am 23 years old and recently graduated college with a degree in nursing. In college I had a terrible landlord my junior year, so I decided to take money out of the stock market that I invested my freshman year of high school to buy my own home and be my own landlord with some roommates near my university. In short, I now have two properties via house hacking. The first house was a 4 bed 2 bath which I turned into a 6, 2. I bought the home for 119,900 and put 8,000 in renovations (and a lot of sweat equity). The first appraisal was 125,000, and it re-appraised 6 months later for 170k. I was able to get my initial investment back plus 20% down on the property. The home rents for 1740/mo. My second home I just bought in February and was a similar deal (not quite as good of a deal, but close). Anyway, I am looking for tips to make my BRRRR process more efficient, and effective. I am fairly educated on the strategy, but looking for "upper level" advice. One piece of advice I learned today was I could use a line of credit to pay cash for the properties to avoid origination fees of the initial mortgage, some closing costs, and get a better deal on the home. Do you have any other tips/tricks you have learned through the years that you wish you had known at the beginning? This is one I sure wish I would've done on my first two properties, and there has to be more.

I look forward to your responses,

Austin

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