Updated about 2 months ago on .
NEW to real estate. Looking into starting a BRRRR Business.
Hello, I'm looking to get into BRRRR. I recently purchased a rental from my father for 30k. Basically a gift from him. The value of the home (well its actually 2 homes 1 lot) is 260k. The homes rent for $1800 mo between the two and tenants are in 1 year leases which i just locked in.. I would like to leverage that equity of my now completely paid off rental to get started. I am familiar with renting and finding contractor (most my family are contractors) etc..im not familiar with creating wealth or leveraging that. I have been researching foreclosures and trying to learn as much as i can I joined this community for help and guidance and to avoid the mistakes that newbies make. I am ready to go but I'm still not sure how to start. Like what kind of loan do i look for that will leverage the equity in my new rental property? Do i put my current property under an LLC and use that LLC to buy all future properties? How do i scale properly? Just want to do this right anything you can provide would be a great help. anyone want to be my mentor LOL??