If you had to start all over....
Hi BP community,
Warning: This is a long post in an effort to help newbies like myself gain insight into how we can be successful as we hear from you on what strategy you'd recommend if you started over again. For this post, I'm limiting it to turnkey, BRRRR, Fix and Flip, and Wholesale.
If you had to start all over again, what would be your strategy?
Would you start with a turnkey property?
A property from a turnkey company or from MLS that needs nothing and is rent ready. An opportunity where you are essentially buying for cash flow and little to no equity. Obviously, the intent would be to get a "base hit" to get your investing career started.
Would you start with a BRRRR or Flix and Flip strategy?
These strategies can have big upside but also be disastrous for newbies who are unfamiliar with all the in's and out's. Other than getting your core team together, what advice or "template" can you give to newbies to help them be successful?
Would you start with Wholesale?
Many newbies have turned to wholesaling as a way to build their network and in turn build their cash reserves in order to afford the other strategies.
Market area:
Would you try staying local for your 1st deal or go OOS?
For those newbies in expensive markets, they may have to consider OOS as their only option. What advice would you give newbies as they look to build their team for success?
States (TX, OH, KS, MO, TN, AL, GA, IN, PA, CO, NC, SC, etc):
What states have you been most successful in?
Obviously, this can depend on how you define success but for a newbie, what should their focus be? Cash flow, appreciation, mix of both?
Thanks everyone for taking the time to review/respond with your thoughts. My goal is to connect with others to build my network and in turn help others achieve their goals. As a newbie, I really appreciate everyone's willingness to help out and offer advice. Feel free to reach out if you'd like to connect.