BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated 10 months ago, 02/18/2024
NEWBIE - BRR for my first investment?
Hi there!
I’m trying to work on being vulnerable about being new and my situation. I always tell myself - “I’ll start connecting when I’m more experience” when in reality, reaching out and laying my cards out might be just what I need.
- I’d love to get some thoughts on my situation. I am 27, payed for a flipping mentorship back in 2021. I feel like I know so much but nothing at all at the same time. I have access to a lot of investors, contractors, and real estate agents but no relationships built with them.
- my financial situation: in a W2 job making about 40k a year (been here about a year). About 40k in a mutual fund. Only debt I have is cc (5k), car loan(abt 4k left). Credit score is about 740.
- I’d like to start off with a brr and get some experience with contractors before going into flipping. I want to get at least one passive income generator under my belt and then do a few flips for some active income.
- my questions are: where do I start? Talking to a real estate agent to find the property? Look for funding first? Talk to HML? See what different lending institutions have to say about my situation? Make connections with contractors? Find the property on my own? Learn more and wait? Save more?
- any thoughts and opinions are greatly appreciated!!!!