Updated over 6 years ago on . Most recent reply
BRRRR on a primary residence we are selling
I am currently selling my primary residence (4/1) which is located in central Tx in a great little town off i35 with a private university within 200 yards of the doorstep. Over the last 3-4 years I have remodeled the kitchen and living room; it will appraise around 130k and I owe 97k. I am currently under contract to sell at 125k.
I just got introduced to the BRRR strategy by my new business partner who is also my brother. We, along with my cousin have recently started an LLC to get into the real estate market.
Considering these details, is the BRRRR something I should take advantage of to leverage capital into my new business; is there room to make something happen?
-Respectfully,
Austin White
Most Popular Reply
Hello Austin! Are you asking if you should BRRRR your current home? Isn't it already in contract? Or are you asking if you should take the proceeds from the sale and start using the BRRRR strategy? If so, absolutely. The BRRRR strategy, well, it just works. Read the book, follow the guidelines, and I am sure you will do just fine.
Also, some unsolicited advice, get an operating agreement with your new partnership. Partnerships can be extremely difficult no matter how good they start out. It's best that everyone be on the same page and agree to their roles.
Good luck!