BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Suggestions for my 1st Investment: Should I start with a BRRRR or focus on cash flow?
I am a Newbie.
Here is a summary—Any suggestions are appreciated.
I have about $50K in saving and could potentially get to $100K in cash for my very first real estate investment.
Current consideration:
- 1. Start with BRRR in some areas that have lower barrier for entry
- Pros: Could potentially get to the second investment sooner
- Cons: No existing contractor connections. Could run into issues. Good deals are not easy to find.
- 2. Start with a single family home at areas where I could afford and have a stable cashflow
- Pros: Easier to manage
- Cons: Would have no equity to invest in my second property
Some background about myself:
- Have a full-time job ($190K a year income). Financially my full-time job is our main income as a family.
- Job is demanding. Long hours.
- With 3 young kids. One of them is just one year old. And, another one requires more support (special needs).
- Husband working on starting his own business (starting phase, no income)
- On the side, there are some income ($50K a year)
Goal:
- 1. Get to a point of having enough cash flow for me to spend less time on my job and more time with young kids in 5 years
- 2. Have a bit more control of my time.