BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 4 years ago,
Should I BRRRR or........
First time posting in the community, any insight would be greatly appreciated!
I recently purchased my first investment house, a 2 unit multi-fam for $100k. I was able to pay for it fully from my savings and own 100% equity. The first floor is rented & second floor is vacant. I've been debating on whether I should BRRRR or if I should just do some minor fixes in the second floor to rent it out ASAP to start recouping some money to put into my second multi fam?
1. BRRRR- Reno the second floor unit (it's only a 1 br), but has a huge attic (that's connected to it) that can be turned into a second (huge) BR. It would cost about $16K, which would leave me pretty much without any cash (and I would have to put about 8K-10K of it on my Home Depot card). I should add, I have never BRRRR'd so this would be my first time.
Or
2. Do a minor Reno in the second floor unit (not touching the attic), rent it out ASAP and start getting some cash flow going so that I can save up to put a down payment on my next property.
Which idea do you think would work best? Is there a better/more efficient way to get to (fund) my next multi-fam?