BRRRR apartments? Investor needs help with direction

[Tom Dittrich]

Hello all,

Has anyone here had good success with doing the BRRRR strategy for apartments and have any interest in providing some input?

Should a newb investor like me just find an operator and go passive?

Am I totally nuts to look outside of my own market (Charleston SC - not a single apt building for sale as of today).

Is this a terrible time to go for something like this with potential for downward pressure on rents?

Quick about me for background:

Young ER physician working Charleston SC with one deal under my belt, a SFR operating as an airbnb (NOI 60k 2019 - this year likely break even)

My strengths: solid cash position (500k), excellent credit, good work ethic, fairly learnable

My weaknesses: physician with a full time job, so time is limited. Despite two years, a lot of podcasts and books and videos, I am still a relative newbie 

My goal: Make my cash go as far as it can. I am thinking about doing a BRRRR for an apartment building to accomplish this goal. Idea is to buy a building, renovate it, raise rents after value add, spend a couple years getting the NOI up, and refinance my cash back out.

Any insight from those who have walked this path before me?

Thank you and appreciate all input,

Tom