All Forum Posts by: Michael Nolan

In theory, can you BRRRR any property that needs small upgrades and isnt for sale at a discount price? For example, if you are looking to scale your portfolio with the BRRRR method but cant find deals that are discounted, could you do upgrades to the house (new front porch, kitchen, bathrooms, extra bedroom, finished garage/basement etc)?

Hello BP community! Long time lurker but still a newbie so please bare with me. Through my own research so far it seems that the fastest way to grow a real estate portfolio from the ground up is the BRRRR method. I have a couple of questions/ideas surrounding this topic and growing one's portfolio that I would greatly appreciate input on. First question: What exactly categorizes a deal as a BRRRR deal? Is it any deal that needs work done to it and has a discount price? Can you BRRRR any property or does it need to fit a certain criteria like the one talked about with the ARV and 70% rule?

Second question: Is there another way to scale your portfolio as fast as you can with the BRRRR method? Lets say someone has a high paying job and is looking to get into REI, since they have a high paying job can they scale as fast as someone who makes their money from BRRRR deals? Also after showing income through renting a unit for a year plus, how easy is it to take your equity out to purchase another income producing property?

Thank you guys for taking time out of your day for this post. It is greatly appreciated 🙌🏻

Thank you for the reply and wisdom Jonathan! Im leaning more towards the FHA play, especially if I can find something near me within my price range.

Hello all! My name is Mike Nolan and am looking for some constructive feedback on my current game plan to get started in the RE investing world. A little background: I am 21 years young and currently living at parents house. I am a union ironworker making between $90,000 - $120,000 a year (depending on if I choose to work OT). No car loans, no real expenses except for getting to work. End goal is to eventually scale my real estate portfolio and make real estate investing my main source of income. Credit score: 736, liquid assets (stocks and cash): 130,000

My current plan of action to reach my end goal is to use an fha loan for a multifamily, refinance after a year of living there and turn that into a full on investment property. Reasoning for this strategy would be to utilize the 3.5% and keep other money for next move after that.

Other plan Im considering is buying either a multifamily nearby using a 20% down payment, or an out of state investment property with 20% down.

Ultimate goal is to eventually stop ironworking and take on real estate investing full time. While I have this good job I want to scale as much as possible into REI. Any and every bit of feedback is greatly appreciated! Thank you guys so much!

Hello! Does anyone have any books/reading material they can recommend me for out of state investing? It would be greatly appreciated.

@Tanvir Sattar Thank you for the link and the reply, it is greatly appreciated!

Hello everyone! I am brand new to BiggerPockets and I am ready to learn everything I can about real estate investing! Here is my current situation: I am 20 years old with about 55k looking to get my foot in the door in the real estate investment world. I currently am a union ironworker making good pay but just like everyone here the goal is to build up a big portfolio and have enough passive income to live freely and would like to achieve that goal as quick as possible! Right now looking at duplexes by where I live but am very open to out of state investments. Any advice/tips/help is hugely appreciated. Thank you!!!