Looking for suggestions to BRRRR first property!
Hey BP fam!! I have approx. 20K in cash to invest and looking for suggestions on where to locate a good BRRRR property in the Philly area??? Also, what general price point should I be considering buying at?? I am looking into using a HML and have been currently searching on the MLS (through Zillow, Redfin, Realtor), Hubzu, and also reaching out to investor friendly agents this week! Any suggestions are sincerely appreciated.
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I think the $50-100k range would be a good place to start especially with $20k to invest. However, I would make sure you have a lender lined up who can guarantee they can refinance the deal - there are restrictive prepayment penalties on small loans in PA which in turn will make your interest rate higher and a lot of lenders who refinance a BRRRR are looking for at least a $100k loan size. Talking with investor agents is a good start, I would also reach out to wholesalers in the area as well - good luck!