Out of State BRRRR tips for newbies
Investor · Seattle, WA · Member since 2019 · 139 posts · 54 votes
Calling out all experts!
I would like to start Out of State investing using the brrrr method.
Does anyone know any online coaching service for OOS investing especially using brrrr method?
I have set my specific parameters:
- Buy a SFH all cash including rehab cost in class C+, B- neighborhoods, low pricing market.
- 80% purchase price of listing price
- Rehab cost including 30% more than estimates
- ARV 30% more than listing price
- 3 months - 3 1/2 month rehab,
- Place tenants before 5th month
- A few months later, re-fi, and cash out, and repeat.
I looked up a couple of online coaching services but their beginner coaching service seems expensive, starting over $5,000.
I'm leaning towards to Columbus OH, Pittsburgh PA, Buffalo NY, Waco Tx for Class B- or C+ neighborhoods.
I think that fully relying on brokers and contractors remotely may lead to a failure, and could run out of budget in the middle of rehab. There are many "What ifs" down the road of each process that I cannot learn from the book.
Thank you for your time!