BRRRR HELP! First time investing in real estate

BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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BRRRR HELP! First time investing in real estate

Account Closed
Investor · Miami · Member since 2023 · 28 posts · 39 votes

I need some BRRRR advice !

I live in Miami so starting to invest in properties that are local will not be the best move. I read into BRRRR in Ohio. What should I know before I start investing out-of-state? BTW I have 0 experience

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Caleb Brown
Real Estate Agent · Kansas City · Member since 2018 · 5k+ posts · 3k+ votes
3y

I would establish a team in whatever area you choose. With you being OOS you need boots on the ground. Find a trusted GC and PM. I would look more local if you can. Even if you have to go 1-2 hours away, it's better than multiple states. 

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  • David Leggett
    Real Estate Broker · Cleveland, OH · Member since 2018 · 227 posts · 133 votes
    3y

    No problem at all!  I just sent you my master list for referrals in the area!  Feel free to let me know if there's anything else I can do!

    0Reply
  • Melissa Verea
    Member since 2024 · 4 posts · 2 votes
    2y

    Hi David, 

    Would you be able to share that as well? I am looking to get into the Ohio Market as well

    1Reply
  • Jake BakerBusiness Member
    Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 696 votes
    2y

    @Account Closed

    It is easy to underestimate your rehab budget.
    It is easy to overestimate your ARV.
    It is easy to underestimate the timeline.
    It is easy to underestimate loan costs.

    Be sure to do your due diligence!

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    2y
    Quote from @Jake Baker:

    @Account Closed

    It is easy to underestimate your rehab budget.
    It is easy to overestimate your ARV.
    It is easy to underestimate the timeline.
    It is easy to underestimate loan costs.

    Be sure to do your due diligence!


     Yea, going over budget and over the timeline are a given on any reno lol.

    0Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    2y

    But in the long run it's worth it to do things right the first time. Never cheap out on material: a cheap plastic shut-off valve did cost me over 10k in flood damage one time. Best case cheap materials last you half the time and you spend money on labor twice. Thats the best case! I got burnt many times, thats why I don't stress anymore about making quality choices. Here is a walk-through video on one of my Milwaukee BRRRRs: it did not cash flow initially, but in the long run it absolutely pays off.

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