New to the idea of investing through property. Been reading and looking up all types of info. What are some key things to know before I get started? How much money should I have? Should I BRRRR or flip 1st house?
First, its important to understand transactional real estate investing (flips, wholeselling, new development) versus building equity in real estate (BRRRR, buy and hold, multifamily).
Flipping is like having another job. Its transactional in nature meaning if you quit flipping, your income goes away. With the BRRRR method, you are building wealth through equity and cashflow and if you stop buying houses you income doesn't dry up for as long as you hold your properties.
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