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Updated almost 2 years ago on . Most recent reply

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2
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0
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Pablo Valles
0
Votes |
2
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beginner in real estate and looking to further expand

Pablo Valles
Posted

Hello everyone!

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. 

Most Popular Reply

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42
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16
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Romney Salanoa
  • New to Real Estate
  • Salt Lake County, UT
16
Votes |
42
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Romney Salanoa
  • New to Real Estate
  • Salt Lake County, UT
Replied

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.

Hope this helps

Romney

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