Quote from @Nicholas L.:
@William Vreeland
setting aside the specific market for a moment, do you have a plan to execute every step of a BRRRR? it's difficult from the get go. you have to find an off market deal that is distressed but not too distressed, buy it and close on it, have a contractor that you trust lined up to rehab it, oversee the rehab to be sure it stays on track, get it rent ready and then rented out, and then / in parallel refinance.
how will you execute those steps in any market? what more specific questions do you have? auctions will be a difficult way to acquire properties as a brand new investor.
Yes, I've got ~10 property managers and ~10 agents (looking at on-market deals as well) I'm speaking / spoken with drummed up through Google / Biggerpockets in each location. I've got a list of questions I'm running through each and asking for advice on various neighborhoods within each city. I'm also asking for contractor, CPA, insurance, and legal references from the property managers and will speak with / cross-reference them before going forward with one. I plan to speak with them in person when I visit Indianapolis/Knoxville before purchasing my first property.
Is there something you'd recommend doing differently?
Was your first real estate purchase out of state?
What makes auctions a difficult way to acquire properties as a brand-new investor? Having to purchase them without getting the complete picture of the potential issues or something else?
Thank you for the help, Nicholas!
