Want to Take the Plunge Into BRRRR
I have been saving money and want to start a BRRRR investment in the Jacksonville, NC area. The biggest thing holding me back is fear. I have read David Green's books on the BRRRR strategy investing and Long-Distance investing. I have never done an out-of-state investment and worry about the distance and next steps involved. I want to be done with fear holding me back and to take the next step. I know the general parameters of what I am looking for.
I want to purchase a home at around $25-30k with an ARV of $110k that needs less than $50k worth of work. I would like to pay cash for the purchase and then get a loan for the repair value and use the BRRRR method.
Would my next step be finding a real estate agent / investor in the area to help look for a deal like this? If not, what would be my most important next step for me to take? I figured the best place to look for help, advice, and guidance would be here, BiggerPockets. Thank you all for your wisdom and assistance.
I think my first piece of advice would be to do a BRRR in your area first before trying to do it out of state for the first time. You could solve and could be in control of a lot more if you are doing it locally as opposed to out of your market. You could start by networking with investors in your area who have done BRRRs before and learn from the ones that are doing it successfully. You could also get a real estate agent to help you find properties and be your resource for any contractor or vendor you would need.