Getting started with Long Distance BRRRR

[Andrew Monnier]

Hey all,

I'm currently living in San Diego (home is Boise, ID) with my wife who is a travel nurse. I own a residential cleaning company in Boise that I manage remotely. We're planning to relocate here for at least the next year or two. Open to any advice from those more experienced than I am! Here's my plan:

1. Make our 3 year old Boise home a LTR. Thought about going STR (or medium term to travel nurses), but I don't want to be distracted managing it and/or have to furnish either the Boise home or the SD home. I project we can cash flow $500/month. This will help offset the high cost of housing in San Diego.
2. We have a HELOC of $150k that I'll use for BRRRR. Looking at Waco or Wichita Falls, TX and/or Memphis, TN. I'm focusing on SF or small MF (duplex/triplex).

I've been a longtime BP podcast listener but often have "analysis paralysis" so this is me declaring my intent to the universe...uh, the forum!

[Patrick Bavaro]

@Andrew Monnier analysis paralysis is real!! Sat on the sidelines for 3 years "waiting until I was ready". Finally pulled the trigger last year and now own 4 properties. It sounds like you have a high demand work/life balance like I do and are looking for hands off (as much as It can be anyways) investing. Would highly recommend turnkey through a company like rent to retirement if you're looking to get into the game. I'm actually doing a BRRRR (B for Build though) with them on a new build in Cape Coral. Once the home is done I should have about $100k in instant equity and plan to either sell It, or more likely cash out refi to take all of my money back out. Some great options to have!