Biggerpockets family, opinions sought after

4 Replies

BP family, I am posting this here as it seems like the most applicable category.

My fiancé and I have been educating and learning as much as possible about REI through BP since January of this year. We are eager to begin, and I'm quite confident in our ability to find and finance a deal.

We have even had opportunity for a partnership with her father who owns his own electrical company with 30 years of experience who is interested in the REI.

He wants to do flips initially, and my fiancé and I are interested in getting started with flips and seeing where else that takes us, BRRRRs are a big interest of mine.

Here is the kicker though, a goal of ours was to have our first property by the end of the year, however, it’s already August and i am going to be deploying within the next 4-5 months. I anticipate either flips or BRRRRs to be a relatively lengthy process and am uneasy with beginning this as my time here is dwindling down.

What I am curious of is any other investors out there who have been in a similar situation, or any perspectives, ideas, etc to be honest.

I think that I already know that the wise decision is to pay off any remaining debts possible, continue education and practice, save more money, and come back mid 2021 with a good lump sum for the first property.. it’s just disappointing thinking of not hitting a big goal of ours this year.

Thanks for reading this long post all.

V/R

Alec

Hi @Alec Newman . Have you considered looking for a value add multi-family that is in habitable condition at purchase? If you find a 2-4 unit building that could use some cosmetic rehabs, you could purchase now and rent out the units as yearly rentals until you return from your deployment. When you return, you could begin the BRRRR process of rehabbing. There's no reason why you couldn't just press the pause button on the process while you are away, no one says that each step has to happen immediately one after another. Thank you for your service!

I agree with Dan. Unless you already have a great contractor who you trust, trying to do a BRRRR while deployed is going to be a really high risk investment. It's long distance to the extreme, and you don't want a delayed schedule or a cost overrun to be distracting you downrange.

@Dan Weber

Thank you for your prompt response.

This is definitely something to be considered ! I suppose a good route would be also looking into property management, another concern of mine is this is the first deployment for myself as well as in this relationship so I don’t want to pile too much stress on the fiance, although we also hate the thought of missing the opportunity for nearly a year from now if we wait.

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