Quote from @Nicholas Misch:
Quote from @Cheza M.:
Quote from @Malcomb Stapel:
@Cheza M. Through a combination of loan product and HELOC on my house hack, I was able to buy two additional properties last year. Another HELOC on my primary has gotten me two additonal properties in the last month and a half, all with money left over. So there are some options you can look into financing wise.
As for market, it sounds like your wanting to stay away from NY and invest somewhere where the numbers make more sense for you. Where is your current turn key SFH? Is that a market you can pursue since you are already established there? Do you have systems in place in that market if you find something that requires rehab?
Thank you for your advice, Malcomb. My TK property is located in Cleveland OH. Unfortunately, I can't do HELOC since I don't own any residential property. I've never done rehab myself, but I really really would like to be able to do a successful BRRRR from out-of-state. Just once or twice is enough to learn the basics and the process of doing it. I'm just not sure where to begin. What kind of system do you have in place? Where would you suggest I start if I find a distressed property to rehab? How did you find good contractors if you don't know anybody? How did you do it when you were just starting out and had no experience yet?
Hey Cherry,
I love to see someone who is so motivated to get moving in RE. There would be several things I would need to know regarding your financial ability currently, what your looking to accomplish with RE investing, and what type of properties you are considering and methods to give any beneficial advice for your specific situation. I'd love to hear more and help with any knowledge I have.
Hi Nicholas,
I'm working a full time job in healthcare as a surgical technologist here in NY. Although the salary is not as high as nurses, it's good enough for me to save enough money to buy properties out-of-state, especially since I don't have any kids, debts, or any big responsibilities. I'm a minimalist and paying low rent since I'm renting my aunt's apartment. I've invested half of my savings already in crypto, 403(b), Fundrise, and some stocks and I don't plan on pulling them out although I would and could save some more money to start buying at least 1-2 properties out of states if I want to and that's actually what I plan to do.
I was hoping to quit my job in 5-10 years from now. And in order to do that I'll need to have 2-4 properties per year cash flowing close to $300. But I'd like to start with 1-2, because I really don't have any experience investing at all and I don't want to get overwhelmed. I feel that BRRRR strategy is the niche I should pick and focus on if I want to acquire more properties in short amount of time but I'm not sure if I could actually do it, especially out of state. How and where do you get good contractors? And how do you manage them to do the work properly and in a timely manner? I'm not sure if I have the skills to manage them right now, but I really do want to learn whatever skills and knowledge to be able to do a successful BRRRR out of state. It would have been a lot easier to learn how to do it if I knew anybody who I could assist or shadow with their BRRRR properties but I've got nobody that's why I'm just trying to get some advice from expert investors such as yourself to minimize my mistakes, but I'm ready to learn whatever needs to be learned and done.
