Am I just talking myself out of BRRRRing?

Am I just talking myself out of BRRRRing?

Investor · Newark, NY · Member since 2016 · 19 posts · 41 votes

Hello Everyone, I house hacked a 4 unit house for my wife and I to live in in 2016. I had no idea what I was doing and I'm just totally lucky that the house cash flows really well and hasn't had any major problems with capital expenditures or tenants. In the back of my mind I always kind of thought I may want to have more properties someday. Last november my wife and I bought a single family home and rented out the fourth unit of our quad. I now have a daughter and realize that I want to have financial freedom so that I can have time wealth and be there for my daughter and hopefully more kids. I've been listening to bigger pockets podcast constantly and have read a ton of books on business and real estate investing. I've decided I'm going to focus on BRRRR investing. I dont have a ton of cash right now (I currently have 17k to work with). My goal is to buy a property by the end of the year. My current problem is that I'm trying to talk myself out of my goal. I'm thinking I should save more money and see if an economic downturn lowers prices in my area. Is this being wise or just talking myself out of a goal because of fear? Any advice would be helpful! Thanks!

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  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    6y

    If you found a great deal now, one with cash flow and significant upside would you buy it?  If the answer is anything but "yes" you are letting fear get in the way.

  • Investor · Newark, NY · Member since 2016 · 19 posts · 41 votes
    6y

    @Greg Scott

    That's a very good point. And yes I believe I would pull the trigger. I'm just wondering how much I can trust an ARV right now with everything going on with the economy?

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