BRRRR? I️ am stuck at Refinance.

[Alex Gallardo]

The BRRRR strategy is very interesting to me, yet I️ am 18 years old and I’d be stuck with the Refinancing part. I️ would need two years of W-2’s. I’ve only had one official Job (not under the table) and I️ no longer have I️t. I️ quit. I️ want to get started as soon as I️ can, time is on my side and I’d really like to take advantage. What could I️ do to bypass my issue ? Are there other options?

[Chris Jensen]

@Alex Gallardo, with no W-2 income and just starting out in life, I'm not sure how you would even be at Refinance.  How did you acquire a property, fund and manage the rehab and have the knowledge to rent it out and manage it?  No matter.  To the broader question of how does someone in your situation get started... I'd invest in some key relationships. A good broker who can help you find deals. Some investors/partners who can provide financing. A good contractor (for obvious reasons). I'd start with a local REIA and go from there. I'd provide the hustle and leverage my network for the rest. Wholesaling or flipping would be the easiest ways to get started.

But here's another thought. And I know some will disagree. I actually would recommend you get a full-time job to build credit and W-2 history. That is so important for when it comes time to ditch the partner and strike out on your own. Banks won't talk to you without good credit and income. But my spin on the W-2 path is to choose a job in the REI industry... at a bank, property management company, construction firm, something to kill both birds with one stone - gain applicable knowledge and experience while also building credit and income.

Food for thought.  Best of luck in whichever direction you go!