Hello, my name is Garrett Hicks and I am in Lakeland, FL. I recently joined BP and want to get into real estate investing. I am currently saving up money to make first rental property purchase. I have also been playing with BRRR Calculator to get an idea on how it works.
So, I am reaching out to all those experts and novices that have tips, advice, and any form of help I would benefit from. Thank you in advance and look forward to learning from you!!!
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Wishing you the best!
Welcome to BP & REI. You should consider getting roommates while you live at your first place. If purchased right they should be able to cover your mortgage and possible a little profit.
Remember the correct numbers don't lie.
Play with the BRRRR calculator a lot and understand it. Setup an alert on Redfin or realtor.com to start off with. Every email you get crunch the numbers. If they don't look like good numbers what would the purchase number need to be for it to be a good deal.
Visit your local REIA meeting. http://pcreia.com/
Thats a good place to learn and network with local investors>
AJ, I have been playing with the BRRRR, however, I still am not sure exactly how to read it and perceive a deal versus no deal. Any resources?
@Garrett Hicks , they are right. Go to the PCREIA meetings and try to find the people who are actually doing deals. The best way for a newbie to learn what a deal is or isn't is to run them past experienced investors. They will probably depress you in the beginning as they tell you why deals that you think are good are really not, but that's much better than buying properties and then losing money on the deal after spending a lot of time, effort and heartache on it.
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