Rental Inheritance/Investing Advice
Hello everyone, I am new to BP and new to real estate (sort of). My name is Nicole Brodahl (my profile is incorrect - not sure how to fix.)
I have a very long winded statement/question. Looking for any tips, advice, resources that anyone is willing to offer. I have what may or may not be a unique situation.
I am currently 6% partner of an LLC that owns rental properties inherited from family. That partnership is coming to an end where I will be come 100% owner of a new LLC overseeing a triplex and a single family home in the Seattle, Wa area (Snohomish county). - They are old and will probably need a good amount of work however the properties are 100% paid for. However my mom was also a partner and I will essentially be buying her portion of the partnership. (She doesn't care how much the payments are or how much time or if she even gets paid at all.)
My significant other whom I live with has owns his home. I believe he owes 200,000 ish on it and homes in the area are comping around 450-500,000. It was a fixer upper house and still is. Lots of work needs to be done.
We also own a Motorhome that we are in the process of sprucing up.
I would like to get involved in the BRRRR method. Have good credit (740). I work full time for the courts. Out of my personal pocket I don't make a bunch of extra money outside of expenses and just wondering what the ideas are out there on the best approach and which direction to go. I currently have a goal set to own 10 properties over the next five years.
The only connections I currently have are a very good contractor and an insurance agent.