Contractor · Lexington, KY · Member since 2019 · 9 posts · 1 vote
By this time next year, my goal is to have improved my credit history/score and to close on my first home.
My plan is to implement the brrrr method, buy a home that has some upside potential through forced appreciation & within a year or so rent it out.
I currently rent with my girlfriend and our son and feel the best approach to getting started with limited funds would be to do it this way.
On the other hand I have done some work on a rental property for another BP member. After I expressed to her my interest in real estate investing she told me about BP & we’ve since had a conversation about potentially partnering on some deals later down the road.
My question to those who have more experience in this than I do is: How would you approach this situation as far as what I should focus on for the next year if you were in my shoes?
@Johnny Jones take the time to educate yourself and save. You've already started to meet people in your area. When you do have money saved, don't rush to spend it. Find a place where the numbers work and you aren't over extended. If it needs renos, don't go overboard.
@Theresa Harris that sounds great, thank you for your feedback. It seems like I get the jist of what to do after the first one. It’s just getting that first one is where it gets kind of hazy for me. More or less taking tangible action towards achieving my goal of buying my first rental property.