60k in savings in Miami FL and trying to figure out my next move

[Greg Myrtil]

Hello forum, I recently purchased a house in Miami FL with an FHA loan. I am now looking for a second investment home. I have 60k in savings but no proof of income due to the fact that I lost my job. So I would like some advice from experienced investors on my next possible move. I thought about doing flips, but it seems very risky, time-consuming, I'll have to pay capital gains taxes, and I know nothing about fixing properties or hiring contractors. So right now I'm leaning towards using a hard money lender to buy a property, putting 25% down and then trying the BRRRR method to pull my down payment out so I can do it again. So for you investors out there what is the best way to make my money work for me, and what would you do if you were in my shoes (60k in savings and no proof of income)?

[Brian Garrett]

You mentioned you considered flips but it seems risky, time-consuming and you know nothing about fixing properties or hiring contractors. Then immediately after you mentioned finding a HML to attempt BRRRR. You are aware that a BRRRR is essentially just a flip that you rent instead of sell correct? Therefore it still requires the same risk, time and resources. If you are not comfortable attempting a flip you should not be attempting a BRRRR especially in this market where majority of rehab properties fit the "flip" mold much better than the "BRRRR" model given the skewed price-to-rent ratios.