Hello everyone, I am here for some pointers on my first investment property. I have about $100,000 and would love to invest it. I am intending to utilize a hard money lender to help me fund the acquisition and rehabilitation of the properties. I have been doing my research on the BRRRR strategy and have been fascinated with this the idea of potentially building my dream portfolio with this method. My goal from this post is to gather information such as how long after rehabbing and renting a property can I refinance it?
I would also like to know, what are some good websites where I can find for properties below market value that will fit my needs. I am in the New Jersey area and want to invest as soon as possible while still taking the right steps which will lead me to the best possible deals.
Hope someone can help, Thanks!
@Elvis Sanchez I am part of a group of investors that utilize this strategy with 2-4 unit multifamily properties. Shoot me a message if your interested.
Hey Elvis and congrats on getting started. $100k is definitely good to get started. I would suggest joining some local groups and networking here to build your local team. Try to meet some investor-friendly realtors and wholesalers in the area to start discussing deals and learning how to analyze as well. Run thru all the podcasts here as well as it is give incredible info. And take your time in moving on your first deal. Realize that the learning process is an investment as well. Hope that helps. Feel free to reach out and I'll help in any way I can.
If you go through hard money on the fix and flip then me and other lenders can refi you into a 30 year after 90 days of ownership.
Sounds good Matthew, I will keep that in mind. Please send me a message with information on how I can reach you.
Sound good! Once we're connected I will send a DM your way.
Hi @Elvis Sanchez , welcome to the BP forums! It's great that you have a mindset of wanting to build your portfolio and with a clear goal in how to go about starting that up. Putting together some people who can help you out with searches, numbers, and lending can be one of the toughest steps. You were asking about some recommendations about groups/websites you could check out for deals. I can provide and recommend 2 facebook groups that are great to be a part of in NJ for off market deals. Shoot me a DM and I can give you the links. I can also recommend a lender, for your refinance part, as well as construction crew for when you are at that stage. Let me know if that info would be helpful to you!
Hi @Elvis Sanchez BRRR is great way to go. My wife and I did a few BRRR house hacks which works great in NJ market if done right. we started with 100k on our first investment. Ending up turning 100k invested into over 300k equity and some huge cash flow. I am happy to connect and share my story, collaboration was huge for me when I first started.