My family has recently inherited a West Texas home from a relative who passed and it's currently sitting empty and I'm looking to get some advice on doing a BRRRR on it (without the Buy). This is my first step into real estate so any advice or recommendations on my plan is appreciated.
The house is in rough shape and it's in a rural Texas town. Its a 2 bed 2 Bath about 975 square feet. Right now I have a very very very rough repair estimate of 20k (which I expect to change) with an ARV of 65k. I'd like to receive some insight on the best way to gain access to cash through refinancing the house in order to purchase a multi family property as I don't have access to a huge amount of funds starting out.
Current report shows it cash flowing $174 a month but like I said my numbers are very rough especially in the repair and insurance cost areas. I'll attach the report I generated if anyone would like to poke through them and point out any obvious flaws.
Also if anyone has any experience or knows a referral for estimates on renovations in the San Angelo Texas area that would be great as well.
Appreciate your time everyone!
Hey @Austin Suddreth I am in San Angelo, Texas looking to start off my real estate investing career here. I tried to look at your report but the link doesn't seem to work. I'd love to talk more in detail so shoot me a message whenever you get a chance.