I'm excited to join the Bigger Pockets Forums!
I currently have one rental and looking to get two more next year (2020). Currently listening to BP Podcasts and reading up on BRRRR & buy and holding property.
At this point I feel I need to practice analyzing deals. Any suggestions?
Welcome @Jeff Purl . Analyzing deals is a skill to master for sure. My question for you is what is your focused plan. Some questions to entertain would be:
- Do you know your investment goals (is it to replace income, if so how much... knowing this will help you work backwards to success)?
- Do you know what investment strategy will work best to reach those goals? Sounds like BRRRR and buy and hold. Those are two different strategies... so which one first:)
- What market supports that strategy and your goals? Arlington is getting pricey, but there are still some pockets around the metro. Are you staying local or distance?
- Then what kind of team do you need in place to start feeding your deal funnel? It's all a funnel and if you are going to spend time analyzing deals, why not do live deals (maybe you stumble across a diamond!)?
Good luck! You are definitely in the right place!
Thanks @Whitney Hutten, those are some really good questions, I've had a general idea but realize now I need to dig a little further, homework time!
* Goal is (for now) is for cashflow to cover my daughter's college expenses in 4 years. Definitely need to find a good estimated number.
* I need to research strategies deeper.
*I would prefer to stay local if the numbers work, more homework! 😉
*Great point on creating/ finding my team now and practicing live now!
Do you invest here in the DFW area? I've heard Colorado is pricey, especially in the bigger cities.
Thanks again for the pointers!
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