Ohio BRRRR strategy with single family homes

[Zachary Ray]

Hello BiggerPockets community!,

I am looking to become a new investor, and am desiring to utilize the BRRRR strategy in single family homes in the Ohio area. My question is, does anyone have any advice on the best strategy to get this process started with purchasing houses as low as $20K - $30K? Is it possible to refinance houses that you initially purchase for this cheap? My thoughts are to use hard money to purchase up front, then repair, rent and refinance with a bank and hopefully pull out enough cash to repeat. Any thoughts on this? I appreciate it!

Zac

[Ritch Bonisa]

20 - 30K, likely means considerable rehab.  Make sure you get a good scope of work and know your costs, depending on where you get your scope numbers - inflate them by 15-20%.  Don't get burned, because once you're in - rehab costs are what they are.  Get your deal on the purchase, don't try to make it work on the rehab or you're just another investor who learned a hard and expensive lesson. 

There are great things going on in the Cincinnati market.