So... I've owned a rental for more than a decade, but my wife and I are just now being much more intentional about our investing. Thus the newbie questions:
We recently closed a 1031 exchange on a 3/3 in the Pine-Level/Prattville area which we are currently turning into a 4/3 with the addition of a set of double barn doors. This will be our third home we've ever rented out, but the first one which we have purchased specifically as a rental (we've kept each primary residence as we moved out).
That said, as this process wraps up, we'd like to move on to Brrrr-ing a duplex next, and we think we can get a hold of about $70-80k to use as cash (or what will look like cash to the seller). Most of that money would be actual cash, and a portion would be from the equity in our two current rentals. We also have possible access to $15k in private money. So.... MAYBE $95k if we beg borrow and squeeze.
What's the chance we can do a successful BRRRR for $80k in the greater MGM area? Is anyone already doing BRRRRs at this price point? I see plenty of cheap SFHs... but not many duplexes. And most seem like they would easily take more in the reno than the ARV would justify.
