BRRRR method in El Paso TX

[Ashley Kroft]

Hello BiggerPockets!!

I am interested in the BRRRR method and am a rookie investor. I will soon have some funds (hoping between $100k-$150k) to be able to purchase my first rental property. I would love to hear your advice on what you may look for when using the BRRRR method. I am still educating myself on how to calculate the numbers. This part does not come easy for me but I am trying my best to figure how to spot a good deal.

Any advice is much appreciated!

[Jason Watson]

Everyone will tell you they make money on the buy. Yeah, sure, maybe.

While the buy is important, the appraisal upon rehab and refi is more important. So... find a property that is in an area that can support your reno. Next, make sure your reno is budgeted properly. Don't fall in love with your own reno. I find that interior designers make the best "contractors" versus a full blown builder.

They value engineer better with paint and flooring, and perhaps some cabinets. Lipstick / cosmetics go a long way.

Just my 3 cents. Inflation.