Looking to buy my first investment property

[Jose Grimaldo]

I'm looking to buy my first investment property. I got a property in mind and getting a really good deal on it. I need some help on how to approach the deal. I want to do the BRRRR method but not sure how it works since this is my first time. Any insight would be greatly appreciated!

[Scott E.]

The BRRRR is one of those strategies that sounds cool and attractive, but it is MUCH easier said than done.

It's possible the numbers won't work in your market, which means you need to start looking in other markets, which is not something I would recommend for a new investor.

I don't know anything about where you live in Lubbock Texas but google says the average home price is $196k. That tells me that a BRRRR strategy might work out there which is promising. But only if you're not going to be up against a dozen other cash investors on every value add deal in town.

As others have suggested, get educated first. Then start studying deals in your town to see if they pencil out.