Phoenix, AZ · Member since 2017 · 19 posts · 2 votes
Good afternoon!
We are almost selling our private residence (finally) and it's looking like I'm going to have some cash to play with. I'm thinking about getting a turn-key or two to get started with.
I'd really like to not have this money tied up forever though...I'd like to be able to pull it out through refinance or something so I can roll it into more properties. Rinse and repeat.
How would you guys go about it? What would YOU guys do?
I'd LOVE to find some BRRR properties but, from what I've seen, they are EXTREMELY difficult to find them here. I'm sure someone can, but I haven't been able to find any.
I'd LOVE to find some BRRR properties but, from what I've seen, they are EXTREMELY difficult to find them here. I'm sure someone can, but I haven't been able to find any.
Cool place down there, though! I lived down there for a couple years...got my culinary arts degree at Florida Culinary Institute (now called Lincoln or something like that) in '03.
I'd LOVE to find some BRRR properties but, from what I've seen, they are EXTREMELY difficult to find them here. I'm sure someone can, but I haven't been able to find any.
@Brent Bialik If you are going to buy from a turnkey company then you should expect that you are going to have to hold it for at least 5-10 years to avoid losing money on the sale. You are not likely to have much equity in it other than what you put down, and the appreciation you get over a long period. Turnkey and pulling money out quickly are nearly completely opposing strategies. Particularly in today's markets. You need to use a value add strategy - ie BRRR in order to pull money out.
@Brent Bialik If you are going to buy from a turnkey company then you should expect that you are going to have to hold it for at least 5-10 years to avoid losing money on the sale. You are not likely to have much equity in it other than what you put down, and the appreciation you get over a long period. Turnkey and pulling money out quickly are nearly completely opposing strategies. Particularly in today's markets. You need to use a value add strategy - ie BRRR in order to pull money out.
Right. I'm not dead set on the turn-key thing. I was just considering it. I'm MUCH more interested in BRRR but I think finding suitable properties here in Phoenix will be tough. Definitely starting to focus on that strategy though as it does seem like the best bet for what I want to achieve. Let's see what I can find!