All Forum Posts by: Joe Miller

@Adam Sheren I spent some time and read about the BRRRR method and had a few questions. If I'm understanding it correctly the idea is a buy a house and get a mortgage on it from wherever. Renovate the property and then rent it out. At this point i would have an appraisal done and go to a (different or same bank/lendor??) and refinance based on the value. This would in turn allow me to pay off the current mortgage and basically use the extra loaned money to pursue another property. Is this the correct thinking? Also based on this you must now pay the mortgage for the higher value thus more monthly out for that property so when determining a good vacation poor deal you should figure you're mortgage payments off this values is that right? I think inn understsnding it but any additional help would be appreciated!

Hey Everyone!

   My names Joe and I am excited about becoming part of the community! I am hoping that y’all could give me your thoughts/feedback on what I am currently thinking. 

In 6 months I will be relocated to the Oklahoma City area for Work. I’m currently 22 and at the time of moving should have ~40-60k to invest with. I have good credit and a good full time job. Just to give y’all background information I also have experience with interior renovations working with my dad at a young age so I am confident I can do some of the work myself. 

My plan is to buy a foreclosed, wholesale, or undervalued home in a growing neighborhood. I’m trying to do research on growth rates, schools, safety etc and select a few areas that I can see being desirable. What I want to do is buy a property that requires work and Work on it some prior to my relocation and then live in it and work on it during this time period. In about 4-6 months depending on renovation requirement I’d find another property and flip this one. If I can’t find another deal in time I have friends to stay with so I am not concerned about not having a place to stay. How do y’all go about finding foreclosures or similar properties and is there any way to really tell what kind of shape they are in? 

What are yalls thoughts on this kind of approach? Any advice? Any Okc investors with insight on areas to target etc... 

Thanks so much!