Trying a BRRRR in Austin

[Rishabh Agarwal]

HI,

I have a few turnkey rental properties and want to try a BRRRR now.

i am trying to find any local person who has done and guide me. The biggest question i have right is that how do i sources deals which make sense in this mortgage environment. Would like to understand as a newbie. 

Thanks

Rishabh

[Juan Yepes]

Hi @Rishabh Agarwal,

Congrats on taking the next step in your investment journey. BRRRRs are one of the best ways to build wealth, in real estate and in general. Lenders view first time home buyers and first time investors as a higher risk. Having a portfolio of rental properties means you'll be able to tap into better terms. 

As others have mentioned, success is based on sourcing the right deals. Be too optimistic about how much you'll need for rehab and what the after repair value will be, and you'll spend your funds and time possibly stuck with a property you can't refinance to take out your investment.

The three key professionals you need in your corner for BRRRRs are a realtor/wholesaler to help you find properties prime for rehab, a contractor that can give you accurate estimates of repairs, and a lender that can validate all the numbers and get your financing terms.