My name is Katherine, I've browsed Bigger pockets site for a few years now and this is my first time posting. I'm currently a Real Estate Agent in CT and I'm looking into purchasing my first investment property. I don't have much cash in hand, I have about $12K. And I would really love to start with BRRRR. Any advice is greatly appreciated J
Any local investors? Would love to network with you!
Hi Katherine! I would love to connect. I invest in Fairfield and Bridgeport right now!
You can either buy a fish with that 12K, or you can invist in a kick *** fishing pole, some shimp and learn how to fish!
If all you want is a project house for fun, sure go do your BRRRR, but if you want to build an empire a company that will actually reliably get you to financial freedom... don't do like all these investors do.
Blindly looking for their next BRRRR deal and when they have it.. they are stuck and again clueless how to get their next one, while every single time they DO do a BRRRR their debt to income ratio goes higher and higher.
We now do about $300K of "passive" (not quite 100% passive by any means) income/month... I can buy a house in cash every single month without increasing my debt to income ratio. Litterally. A sustainable way to buy 1 house every single month. Infact.. more like 2 houses a month!
How? We analytically planned for a way to accomplish this. Set up your business, so you can sustainably and reliably get motivated sellers and monetize these motivated seller leads and with the mony you make from this.. hell buy a house a boat an airplane travel the world.
So now.. after you do that BRRRR and you get 75% back of the ARV... how are you going to do the next one? and the next one? Are you relying on luck to find your next deal? And what are you doing about your debt to income ratio?
I am not saying BRRRR are bad.. I am just saying... what is your plan after you do it?
Let me tell you something..
BRRRR looks amazing on paper... VERY DIFFERENT when you actually do it, especially when doing it 5 to 10 times!
I have a wholesaler buddy I went to high school with that can get you good deals. He is based out of North Haven And the office is in Hamden. If you want his info I can send it your way!
Good luck and happy days ahead and I hope you find that BRRRRRRRRRRR!
Congratulations, @Katherine Perez ! Best of luck in pursing your investor journey!I would recommend as a new investor is to get a handle on analyzing the income, expenses and ROI of these properties in Bridgeport.
You can use the Bigger Pockets calculators to start. Use Zillow and rentometer.com to get data and analyze a few from your home to see what type if returns there are.
If these meet your investment criteria then start looking in person.
Let me know if you have any questions.
@Gaetano Ciambriello Hi! That would be great!
@Jerryll Noorden Thanks for all the great advise!
Since You are not to fond of The BRRRR strategy. Where would you recommend I start?
@Kristopher Kelly Yes defenitly, i would love his contact info! Thank you so much
@Craig Bellot Thanks for that advise, i actually recently started using the calculators and I’m really just learning how to get the hang of it and understand the numbers. So much information, I wish I would suck up all the knowledge and learn everything lol. Little by little!! Thanks again Craig
Invest your time and money in educating yourself. Gather more funds along with education. Do not get into this business if you are not educated and not funded for all aspects of what can go on.
You may try to be an intern of someone who is doing what you want to do and you get your education while you offer your sweat equity to them. This makes it possible for you to learn real hands on from experts and they are getting something in return for their time.
@Katherine Perez BRRR is a great long term strategy, but with limited funds you should also consider fix and flip. You will be able to get some short term cash to help you build your vision. Best of luck in all your endeavors.
@Steve Rozenberg i would love to work as an intern and learn as much as possible. Thanks for your advise! Maybe I can find someone here!
@Anthony Dadlani Thank you!
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