All Forum Posts by: Andrew Pagan

@Matt Loeffler Thank you so much with the great insight. I have heard that cash flow is hard to find right now. Definitely seems like a time people are being more careful, but with that... it might be time to get in? All it takes is 1 or 2 constant periods of lowering interest rates to get everyone back in.

I will definitely keep holding some cash and monitoring everything. Thank you again so much I really appreciate it.

@Darius Ogloza yup! The HOA allows us to rent out our space so there isn't any problems there. My mortgage right now is $2k, and the HOA is around $300 bucks. In our area the rents for a 1bd1bath are around $2k so I don't think I can cashflow this place if we were to move out. Not unless rents go up or I put enough money down on the principle.

I don't believe updating the Kitchen or the Bathroom will give us a huge increase in possible rent since they all work perfectly fine. I have noticed every property with similar specs as ours does not have an updated bathroom, so maybe adding a new tub and tiling would do something. 

Thank you for your insight! :)

Yeah most definitely agree. The first BRRRR is probably to get the jitters out of the way and get some experience. Thank you for the info!

Woah that's an insane amount of value. My condo will definitely not appreciate as much as your house, but it's definitely something I want to do in the future if I choose not to sell it. Would I just continue to do meaningful updates like when you BRRRR a home? Re-finance it and use that money towards another home while renting this one out? I never really thought of doing that until you mentioned it.

@Dan H. The most challenging part about real estate here in the Bay Area is how much money will need to be saved up for your first BRRRR. It's true that when we refinance we essentially pull out all the money we put in so it doesn't matter if we put in X. However, getting 750k for a run-down home in SF is a lot harder than getting 80k for a run-down home maybe in Michigan.

 Thanks for your reply. 

Yeah I got to agree. Even making around $150k, I can barely afford a condo here. I was just told to find my first rental locally, but that doesn't seem plausible here. I guess I'll start looking for rockstar agents in another state. 

Hey y'all. Very noob guy here.

I bought my first home to live in when the pandemic first started, and now I'm looking to get my feet wet by BRRRR-ing my first rental property.

As you know, the Bay Area is insane when it comes to prices even for a home at 75% of its ARV. Does anyone have any stories on how far they have gone for their first rental property? I am thinking 1 - 2 hours away which is pretty much Modest, Merced, Sacramento, and some other places. Or... should I start looking farther? Like Bakersfield or even farther north past Sac?

Not exactly sure how to find a location for my first BRRRR.