I've been on this site a bit for the past few years and a loyal listener to the podcast. Long story short I have purchased a few homes to live in with little thought of investment potential in the last. Made money on one and broke even on another. We'll see how he one I'm currently in turns out. I'm in he Air Force and typically move ever 3 years or so.
Currently I have 1 rental property in Pearland, TX that I lucked into in 2012. This property has almost doubled in value from when I purchased it as a foreclosure. Long term renter (MIL) with some cash flow and the potential for more with raised rent. Currently about $400-500 below market rent.
My big question is that my partner and I found an opportunity in a small town SW of Houston that contains 6 duplexes and 9 condos. We are working with a widow and currently gathering data. Ideally we were going to begin our joint real estate venture slowly using the BRRRR. If this deal turns out to be too great to pass how can we finance and still use the BRRRR? Anticipating the sale just south of a $1M. Portfolio? Outside investor? Pros cons? How would we pull our money out and be able to pay the financier back while slowly turning (leveraging individually) through the properties as necessary?
Any advice is greatly appreciated. We've been waiting for an opportunity and don't want to miss out because we don't have the cash.
Try talking to small local banks who keep their mortgages on their books.
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