Updated over 3 years ago on . Most recent reply
Advice and guidance
Hey guys! Needing some advice/guidance my wife and I are wanting to BRRRR Our first property. We have 40k liquid and about 100k in our home in Austin texas. Our big goal is to make 20k a month in passive income. Anything helps. Thank you
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#2 Out of State Investing Contributor
- Flipper/Rehabber
- Pittsburgh
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#2 Out of State Investing Contributor
- Flipper/Rehabber
- Pittsburgh
I spent a long time watching the MLS and then pounced on something in a decent neighborhood when it hit. i bought in cash so i didn't have to worry about financing costs. but i know that's a much tougher option in a high cost market like Austin.
i did a rough, back of the envelope estimate of the rehab when i walked the property with some input from my agent, and we came in about at budget. appraisal was a little low, but it's a great rental.
as @Jordan Moorhead said, the power of BRRRR is increasing the ARV and therefore creating a bunch of equity, rather than necessarily having a lot of cash flow.