Just starting out: build up capital or offer available time in a partnership?
Hi all, my name is Abby, I am a young entrepreneur in the beginning stages of my investment journey. As I continue to gain knowledge through the BP forums, podcasts, books, and various seasoned investors, my goal is to create a healthy long term buy & hold portfolio through the BRRRR strategy. I also have a background in hospitality and enjoy design and exceptional experiences, so I may be interested in STR's as well.
By day I am a self employed Tattoo Artist and Bookkeeper, however I am now in a unique position. I just recently moved further North in California, about an hour and a half outside of Tahoe. I have been Bookkeeping from home, but my hours are fairly minimal. I am now wrestling between two options and I'd love some advice on which might be better for my goals.
Option 1: Restart my tattoo journey in my new area, continue to build capital and become more lendable. Once I have more capital built up and consecutive work history, purchase a STR property to generate solid cash flow, then use the profits from the STR to build up more capital and be able to begin BRRRR'ing properties. Or, go straight to buying my first BRRRR property after another year or two of tattoo income.
Option 2: Do not restart tattooing, and instead leverage my available time to help deal find, manage rehabs, etc. and partner with someone who is lendable right now. With this option, I wouldn't be able to bring any capital to a deal, and fear that it would take me longer to be able to refi properties that I BRRRR without a partner as I wouldn't have profitable work history to show to lenders.
I sincerely appreciate any advice, and I thank you for your time reading through this post.