I bought first home in October of 2020 through a FHA loan. I have recently moved out and decided to rent it out. This is my first rental property and so I have no idea how to manage the property so I have hired a third party property manager. After all the mortgage payments are paid plus PM fees, I'm earning about $300 monthly in cash flow. I'm current staying with my mom until I find another home to purchase. I plan to educate myself further and learn how to analyze deals. My goal is to earn enough capital in a one year to purchase a distressed property in cash and rehab and rent. I am electrician by trade and I believe I can earn enough and perhaps take out a Heloc/cash out refi on my rental to cover rehab costs.
If anyone has any advice to give as to where to go from here, I would greatly appreciate it.
New to Real Estate · Salt Lake County, UT · Member since 2023 · 42 posts · 16 votes
3y
Hey Pablo,
It sounds like you want to get into the BRRRR game so if that's the case I recommend you read David Greenes book BRRRR which you can find on the learn tab under books. I think that this book would help you a lot especially the first four steps.
New to Real Estate · Salt Lake County, UT · Member since 2023 · 42 posts · 16 votes
3y
Hey Pablo,
It sounds like you want to get into the BRRRR game so if that's the case I recommend you read David Greenes book BRRRR which you can find on the learn tab under books. I think that this book would help you a lot especially the first four steps.
Thanks Romney! I have read it 3 times. Any other books do you recommend?
Sorry it took so long for me to respond Pablo. Another great read that helped with my mindset is the 10x rule by Grant Cardone, it doesn't dive deep into real estate but you will definitely not regret the read. Skip the flip is also a great read and that would help you on the real estate side a lot more.
Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
3y
Hi @Pablo Valles If you want to explore investing out of state, then feel free to reach out. There are a lot of midwest markets where the purchase price is not high but you get close to $400-500 in cash flow per month. Lets chat if you have some time in the coming week.
I bought first home in October of 2020 through a FHA loan. I have recently moved out and decided to rent it out. This is my first rental property and so I have no idea how to manage the property so I have hired a third party property manager. After all the mortgage payments are paid plus PM fees, I'm earning about $300 monthly in cash flow. I'm current staying with my mom until I find another home to purchase. I plan to educate myself further and learn how to analyze deals. My goal is to earn enough capital in a one year to purchase a distressed property in cash and rehab and rent. I am electrician by trade and I believe I can earn enough and perhaps take out a Heloc/cash out refi on my rental to cover rehab costs.
If anyone has any advice to give as to where to go from here, I would greatly appreciate it.
Hi , happy to help you with this. I can offer practical advice, share my experiences, and help you navigate the path towards achieving your goals. Let's connect and have a discussion to explore further.