First rental property purchase, buy ready to rent or rehab?
We own properties that were purchased along the way per se. But we are now planning to buy our first official real estate investment property. This will be the first of hopefully many more. Our business plan is to use the BRRR method. We live in a different state than where we plan to BRRR. QUESTION- Do you recommend buying our first property mostly rental ready, or dive right into a property we can BRRR?
I am going back and forth on this. Rental ready we can start slower from a learning curve, learn the area, and establish a team, but would be putting 20% of our own money down. With 20% left in our first property, that is about half of our total personal funds for this business. If jump into BRRR first, more risk, more to learn, more reward though I hope. We are doing this long distance (and during COVID). Thanks for the advice!