Newbie Real Estate Investor From Springfield, Ohio
Hello BP!,
I’m Bryant and this is an overview of what my plan is. I’m 30 years old and live in Springfield, Ohio. I purchased a HUD house 5 years ago for $59,400.00 it needed around $10,000 in repairs. I currently owe around $50,000.00 and plan on doing a cash out refi next year. The house value as of the last county appraisal was $94,000.00 up from $71,000.00 5 years ago. The house is located in a desirable area of town and should reappraise around $115,000.00. With that said I am looking at the range of 50kish in equity to play with. Springfield is a middle class city with tons of C class neighborhoods with properties going for $20,000 to $35,000 mostly 2br 1b/ 3br 1b. My plan is to use the cash from the refi and purchase SFD or small multiplex depending on what is out there next year, rehab them, rent them, refi them, and then repeat aka the BRRRR method. I would like to buy and hold until I am able to obtain enough cash flow to quit my day job. My wife and I both work a W2 job and will have our mortgage and car payment as our only debt going into next year. We plan to self manage and have had some experience in property management/ land-lording. Well that’s it for now. Thank you for reading my introduction.
Also great job on the BiggerPockets pod cast I have started from the beginning and I’m just nearing the 100th episode can’t say thank you enough for all he great info the podcast provides!