Wanting to Build a empire..

[Timothy Drake]

Hello, I am new to BP. I am so glad I stumble across this community. 

My goals is to start investing in Buy and Holds. I don't have a lot of cash but I do have 20k to start out. My Biggest question is how do I turn 20k in to a successful business. I know real estate is not a over night cash flow Business but iwould love to grow it as fast as I can. I was reading about the BRRR That seems interesting, It sounds like it might be hard to find banks to refi so quickly. I am in Kansas City Mo, So there is a lot of small Community Banks I can check out, Has anyone have a great success story using BRRR. Is my goal of 8 Houses in 12 months to high?

These are just some of my thoughts.

Thanks In advance. I am Glad to be a part of the BP community!

[Chris Dawson]

@Timothy Drake leverage is the key.  If you have good credit, $20k is a good amount to start with.  

• Start building relationships with local banks who are friendly to investors.  
• Network like crazy.  
• Go to the local REI clubs.
• Set up your LLC
• Start driving neighborhoods to get an idea of where you want to invest (if you don't know already)
• Find an investor friendly agent to work with. Have them set you up with an MLS feed so you can start to get an idea of home prices.
• Start putting together your team of contractors (REI clubs are great for this)
• Clean up your credit (if needed) - Until your company can show enough income to qualify for loans, you will be completely dependent on your own credit.

Once you feel comfortable with all of the above, then you can start really looking for your first property to buy.

Hope this helps.  Good luck!