Carlsbad, CA · Member since 2016 · 1 post · 0 votes
New to the real estate investing game. I'm seriously considering Multi-Family BRRR strategy to build a long term MF portfolio. I have very little real estate experience, however I am a licensed contractor with lots of experience. Looking for any suggestions about the best strategy and how to get started. Thanks in advance for your input!
In terms of best strategy, it is up to you to determine what's best for you! We can make suggestions here and mine is: to diversify. You can invest in various assets, or do several strategies. For instance, you can invest a portion of your funds passively in a) notes or b) syndications and use the other half to purchase properties. You have to educate yourself first though PRIOR to taking any action. Read about various strategies and pick whatever suits you best.
If you have any more questions feel free to PM me.
The best strategy is going to be to just start. First I would always start with the end in mind. You really need to consider the after repair value and if you are going to be able to pull all of your cash or the majority of it out at the refinance step. Back into what your numbers are and also when you are calculating construction costs don’t forget to pay yourself. Time that you spend on this job is also time that you are not on another job that makes you money. Treat this as a separate business and yourself as a client.