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Updated over 4 years ago on . Most recent reply
BRRRRing homes in SE Michigan
Hey, everyone! It's a strange time to get into real estate investing but I've been reading books, listening to BP podcasts, YouTube, ect. I have some capital and possible private money, great credit and drive. I am looking to do some BRRRR deals. I'm from the downriver area of SE Michigan. Please share whatever success stories and tips that you feel comfortable with. I'm Looking for success stories, path of progress areas, downward trending areas to stay away from, landlords to network with, anything useful! Thanks
Most Popular Reply
I have done one successful BRRRR and am just starting working on my second. I can't say it is easy, but I was able to succeed without any practical experience. I paid $110k cash, invested $20k in repairs, found good tenants, and refinanced it. The house appraised at $170k and I put $127k back in my pocket. It is rented for $1500/month and my cash flow is about $600/month.