First OOO BRRRR

[Ola Owoyemi]

Hi everyone!

I have been an inactive Bigger Pockets member but this is my first post.

I live in VA, I have a few rental properties in Baltimore, MD. I am looking to start investing out of state using the BRRRR strategy.

However I have a few questions:

1) What states would you advise to look at for BRRRR? I am looking for both cash flow and reasonable appreciation.

2) Some people suggest to buy with cash 100% while I have seen others suggest to take out a loan. Which is better for the BRRRR strategy?

I look forward to connecting with others - especially those that might be BRRRRing out of state! Looking to connect with contractors, agents, lenders, and other investors!

Any advice is welcome!

[John Chong]

1. PA and OH have been popular because of the lower price point but there's deals in every metro. 

2. A lot of BRRRR investors will get a hard money loan and include their rehab cost in the loan amount then do a cash out refinance 3+ months after purchasing. You'll get the max cash out after 6+ months. If you're purchasing with cash you can always refinance once you're finished with the project.

Let me know if you have any questions!