Getting ready to do my first BRRRR. Any advice?

[Justin Miller]

I own a couple local properties in Denver I long-term rent. I also have a condo in Chicago I mid-term rent when I'm not using it for the summer. But I've been wanting to buy more and never figured out how. 

Recently I realized I could tap the equity in my primary residence with a HELOC and decided it was time to start investing this year in BRRRR since I want to try and do it again every year. After doing some research I've chosen Pittsburgh for the location and will drive out there in a couple of days to meet with a real estate agent and contractor to view a couple places.

I'm not sure how others get started. I just do a ton of research. But I'd love advice and suggestions as I start down this long road. Being a landlord and even a remote landlord is not new to me. Nor is the renovation process. But everything is in order to get my money out in the end so I can do it the next year or just six months later.

[Nicholas L.]

@Justin Miller

you got great advice from @Jeremy Taggart.

i agree that SFHs are better than small multi.  small multis in Pittsburgh can be very odd.  shared utilities, lopsided units (eg a 4/2 and a studio) and inconsistent ARVs.

i think folks often underestimate how much of a discount they have to buy at in order to make the numbers work.  and then you almost certainly will not cash flow when you're done.

hope this helps.  are you here all week?  happy to connect if you want to DM me.  nothing to sell.