Hello BP community,
My name is William Campbell. I am a 19 year old looking to get started in investing real estate. I am a college student living in North Kingstown, RI. I have no past experience, but have been learning from the podcast and reading post for the past few months. I am looking into house hacking for my first deal, but my goal is to start obtaining properties for the BRRRR method and to fix and flip.
Thanks in advance,
Newbie here - what is the BRRRR method.
Hi @William Campbell
Welcome to BiggerPockets - it's great to see more folks deciding to get into REI!
I'd encourage you to reach out to more experienced investors in your area! There is no substitute for being physically present with experienced investors.
Let me know if you need any help finding other resources to help you get started!
@Glenn D. BRRRR stands for Buy Rehab Rent Refinance Repeat.
Buy a property that needs rehab.
Rehab the property.
Rent the property out.
Refinance the property to get a lower interest rate and reclaim your capital.
Repeat by buying more properties.
Good afternoon, and welcome to BP! As you start this new endeavor, I would HIGHLY recommend sitting down with a mortgage/financial professional (there's no charge) and sharing with him your short- AND long-term goals in REI. When you do that, he'll be able to help you construct a plan that will achieve your short-term goals that will result in proceeds and resources that will help you pursue and achieve your long-term goals - it's all one master plan. Many investors start off "too hot" by either overdeveloping their first property or spending their money too fast - either of these behaviors will sink your ship quick and disable you from even achieving your short-term goals. Game over.
If you don't have a mortgage/financial pro, I would recommend approaching a handful of investors who have been successful (for more than just 12-18 months) and asking them for a referral to their "money" guy. I wish you the very best!
Welcome to Bigger Pockets.
Hey William, I'm a part real estate investor in Providence. I've got a couple rental properties in PVD and I'm underway on my first single family rehab on the east side of Providence. Let me know if you want me to look at something for you, I can share some of the tools I use.
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