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Updated about 5 years ago,
Beginning my remote BRRRR journey from Seattle
Hi everyone on BiggerPockets!
I am currently working as a Software Engineer in Seattle, but I can't picture myself grinding away in this career the rest of my life. I am looking for a way to generate passive income so in the future I can work less, but still have a livable income. I started reading about real estate investing a couple months ago, and I am determined to purchase my first property in 2020.
I am interested in the BRRRR strategy for a couple reasons. I like the fact that I do not need a loan up front, and will be able to close on a deal with cash fast once I find one. It decreases my initial risk because I don't owe anyone money if everything goes wrong. In the end, I would at least own a completely paid off house. BRRRRing will also get me into estimating and executing rehabs right out of the gate. Lastly, BRRRRing will allow me to recycle the same money over and over again, drastically increasing my ROI. This is assuming all goes well and I don't massively screw everything up...
I will be looking out of state because the prices in Seattle are too high. The top places I am looking at are Boise, Columbus, Cincinnati, and Grand Rapids. The initial numbers all look pretty good on these locations. They are have high employment and population growth, low vacancy rates, and low rent to income ratios.
Feel free to chime in on which location you would go for, or if you currently investing in any of them. My initial thoughts are to go with Boise. It has the strongest employment and population growth numbers, and the lowest vacancy rate. I also like that is in semi-reasonable driving distance (~8 hrs) from Seattle, so I could get down there for a long weekend to scope out properties. The weather in the midwest locations scares me a little bit. Dealing with snow and very cold temperatures seems like more overhead that I could avoid with a different location. Maybe I am overthinking it though.
Glad to be here! I hope to talk to many of you
- Matt