Investor · Cleveland, OH · Member since 2020 · 17 posts · 10 votes
Hello all,
I just bought my first duplex to house hack in the Cleveland, Ohio area. I'm looking towards the future and seeing what will be my best plan to attain more rentals. I want to live off the cash flow basically while still obtaining tax savings and appreciation.
I am able to buy another duplex to house hack again next year, or I can start BRRRR investing and scale quicker. The issue with another house hack is I'd probably run out of my own capital on my next (2nd) deal. What would you do in my situation? I am only 26 years old just getting started. Any thoughts are appreciated!
If I were you I'd maximize my conventional loans. Those have the best rates. After that I'd look for an asset based lender. Regardless, you're going to have to come up with down payments, depending on your risk tolerance and credit score you could go with business credit or save up. Those are the main ways people execute the BRRRR strategy.
Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
5y
I'd say you need to find a way to increase your earnings because right now the market is priced high and it'll be tough to get a deal at a good price. When the market falls you'll be ready to pull the trigger. However I am not saying don't buy more real estate now ;)