How's my investment strategy?
Hello BPers!
Great to be apart of the forum. I am fairly new to real estate investing. In the past I have purchased a duplex and live in one side while renting out the other. I am looking to start investing again in the Austin, TX area (and surrounding areas) and wanted to get yalls expert advice on whether or not my strategy is sound.
Here are the details and my real estate investing strategy:
I have roughly 12k in cash and my wife's father is a general contractor.
My strategy is to work with wholesalers and real estate agents to find SFR that need fixing up. I will use a hard money loan to purchase the property. I will then fix the property up and REFI the property to pay back the HML. My goal is to get at least my initial investment back and have a property producing at least 200 pcf each month.
Please let me know if this is a solid strategy what some of my next steps are. I respect yalls decision and look forward to hearing what you have to say. Thanks for the guidance.
Joel