How can I grow quickly and advice is welcomed
My name is Brice Perry. I’m new to the real estate game. I just recently purchased my first investment property and am currently renovating for a long term rental. I plan on refinance and use to buy my next property. I would like to grow faster and I see people buying numerous properties in a years time. So my question is how can I make this happen? Are there any investors looking for some where to invest their money? Any advice you may have would be greatly appreciated. Thanks in advance
For investors to invest, the numbers must make sense. It doesn't matter where you invest. Whether locally or nationwide, investors are looking to get a good ROI, no matter the market. You must do your homework and come up with a plan that works for you and the investor. Whether Wholesaling, Fix & Flip, Fix and Hold or a combination of strategies the numbers have to make financial sense; not putting good money for bad as we see with our government.
- Lender
- Austin, TX
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I would recommend following the BRRRR strategy - the book available here is great https://store.biggerpockets.co...
If you execute right, you can pull out 100% of the capital you invested in your reno in your refinance and then do it again, best way to expand quickly without needing to save up capital over time
- Investor
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Figure out what you love to do and what you don’t love to do. Source out what you don’t love and focus on what gives you enjoyment in the business. Delegating and outsourcing is a great way to scale
Other People's Money. When you cash out refi, you should do it to increase your liquidity and working capital. The more liquid you are, the more money lenders are willing to loan you. You shouldn't be using your own cash for anything more than a down payment and holding costs. But you can even find secondary loans that will cover those expenses for a 2nd lien position on the property. That's how investors are scaling at a high rate. They're borrowing the money to do it.
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Lender
- The Trinity Company, LLC
Try to focus on growing SMARTLY as well as quickly. You can become quite overleveraged if you're not careful.
Also, maybe start a partnership where you can both/all grow together while minimizing rizk.