Would you recommend a BRRRR for a first time purchase?
The title and description essentially sums it up. What advice would you give to a first time buyer? Do you think it's advisable to pursue a BRRRR right away?
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@Madhav Thaker - Great question. I think the overall BRRR strategy is a great one, and it depends on your comfort level with fixing a property. I would avoid medium - heavy fixers unless you have extra cash and people that you know and can trust. I think a light fixer or a property that is in livable condition is your best bet. This would allow you to tackle a single project at a time and make the whole process less overwhelming.
I did a live in flip in 2009 when you could receive the tax credit for purchasing a home. The property was livable, but filthy and needed updating. Overall I got it done but it was tough and stress since I did all of the work myself. If you have the budget to hire great contractors it can make the whole process less stressful.
Buying in LA is based on your budget and where you spend your time. Where do you currently live, work and spend most of your time?