Hi Everyone. I'm new and very eager to start investing. I am very interested in the BRRRR strategy but it seems like refinancing in my area would ruin any deal because the new mortgage would ruin the cashflow in almost every neighborhood.
I'm sure people have done this, so I'd love to hear where you guys have succeeded.
I have been analyzing mostly 3/2 single family homes in the Phoenix metro areas.
I'm not worried about finding a deal, I am just worried about not being able to pull out my money and keep cashflowing.
Has anyone successfully done a BRRRR recently in the Phoenix area?
Am I just looking at the wrong product? should I be focusing on multifamily?
I am not sure what you are looking at but it is possible to BRRR in Phoenix. You are going to want to target off market properties.
The market is up right now and any property sub $250k that is rehabbed is sold in days, which means investors are snatching up the lower cost un-repaired properties and flipping them quickly.
I would guess you are looking at loans that are 3% down which would make it hard to cash flow. Keep looking they are out there but you will need to work hard to find them and faster to close on one.