BRRRR Plan for First Out-of-State Non-TK Property Purchase?
Hello BP community!
After already obtaining a property in Indy via a TK, I've decided to bring my business to a whole new level by working with a fantastic local wholesaler in the area. After an in-depth market analysis, I've decided that a post-1950 property on N Hawthorne and E 36th in Audubon Gardens was the right fit for a BRRRR strategy (expecting $700 / mo income in rent, $200 - $150 in cashflow with a mortgage). I'm expecting a reasonable rehab to get this rent ready, and was going to use a property management company that also does construction/rehabs to get it rent ready (that way, the PM is content in rehab quality in renting the property).
Do you have any thoughts on this approach? I am looking to close here soon, and welcome any feedback - since this is my first BRRRR, this one is important to get the cashflow going! Thank you for any help you can provide!