Investing is Better
Recently, the National Low Income Housing Coalition did a study on the high cost of housing (http://nlihc.org/sites/default/files/oor/OOR_2018.pdf). In the entire nation, the top 3 highest rent rated areas are all in the Bay Area. Here, workers need to make at least 6 figures to even rent a 2 bedroom apartment. These statistics are tragic and daunting but highlight an important idea. The idea that we need to invest in our futures and build wealth when it is possible to do so. Owning your own properties means having options and one of the best options is to employ the “BRRR” strategy. Brandon Turner, of Bigger Pockets, explains the”BRRR” strategy as Buy, Rehab, Rent, Refinance, and Repeat. The beauty of this approach is that it can be successful in an up or down housing market. There are a lot of exit strategies and if you stick to your plan, you WILL succeed. If you can’t purchase a home, do whatever it takes to get in the position to purchase one even if it isn’t locally. Your future depends on it. If you have any questions about the current housing market or the “BRRR” strategy, reach out to us for a free, no commitment consultation. We’d love to help!