Updated almost 6 years ago on . Most recent reply
Starting from the bottom
Hello fine people. I'm new here and this is my first post. After reading up on real estate and business for the last year, I've finally decided to get in the game. I'd like to share my plan and get you guys' feedback.
Within a year I want to have purchased a single family home or duplex that can be "instantly" appreciated through repair. I then want to rent and refi as soon as possible. Take my original down payment at least and do it again. Is that doable? If so how many deals can I do like that in a year? Also, is it possible to get 30yr financing on the initial loan and also the refinance? Do I even want to do that. My plan is to have 20% down with good credit.
Most Popular Reply
That's the BRRRR strategy! Is it possible - YES. People are doing that strategy here left and right. You're in a great market, too. People typically do the initial buy with either cash or a hard money loan, because the property might not qualify for traditional financing or your seller might need a fast close.
BiggerPockets has a BRRRR book, check that out! That'd be a great investment.