BRRRR Strategy (newbie)
Hello all! I am fairly new to real estate investing, yet have tasted a little success and love it!
My main exit strategy has been wholesaling, but I just came across a deal that I would like to hold onto myself.
The house APPEARS to be in fantastic shape! Very well maintained, as it was a home that was inherited from the owners mother. To abbreviate my question, I would like to experiment with the BRRR strategy; notice I left out an R bc I feel it needs no "rehab" work. The house "zestimates" around 42k and I pulled comps in the area that supported a number around 35k'ish. I have the seller down to around 18k-20k. She's even willing to take 3k down and payments of $500 a month. The location of the home is in memphis(38108). Not the best of areas, but the home seems to sit in a decent part of that particular zip code. I want to finance this home with the bank, rent it out for a few months, and then refinance to use some of the equity for another purchase. Any tips and advice (type of loan/preferred banks/process/likelihood of being able to refinance in that zip code/etc) would be more than appreciated!!!