I’m going to introduce you to a friend of mine and a fellow investor here in Fayetteville, North Carolina. We’re going to go through a BRRRR property. We’ll tell you his whole story, how he got started in real estate, and how it can relate to you.
This story is actually interesting because Dan and I met through my contractor. But he met my contractor when he heard me on BiggerPockets Podcast episode 301, universally acclaimed to be their best ever podcast produced. (I don’t know if you know that, but that is the best one. I’m not sure if they even know it, but it’s actually true.)
In the video and post below, meet Dan. We’re going to go through his latest property. We’re going to talk to you about the details, his strategy, and how he implemented it, as well as the story about how he solved a money problem he encountered and how he uses real estate to fund his future.
Let’s meet him.
Hi, I’m Dan Weidman. I’ve been active duty military for 14 years, and I’ve been real estate investing through the BRRRR technique for about two-and-a-half years here in Fayetteville. I’ve got a wife and three kids, and I’m looking forward to showing you my next BRRRR investment.
I started to invest in real estate because we were looking to do some generational wealth-building. When I grew up, my family was kind of poor. Both my parents were teachers. My mom was on WIC for the first couple of years that we were kids. And I didn’t want my kids to have to go through something like that.
I listened to one of the BiggerPockets Podcasts, and Brandon Turner had said that he was using real estate investments to do as much. He was going to buy a triplex for his daughter. So, my wife and I came up with an idea: How do we continue a trend like that? How do we move forward with that kind of investing?
And the idea was real estate investing and utilizing one house per kid that would be their college fund, in addition to any kind of savings we could have.
I found the BiggerPockets community first when I was deployed to Afghanistan. My wife and I had talked about doing some kind of investing strategy before I deployed and started to research rental properties. Eventually, the BiggerPockets Podcast and the website came up through a Google search.
What do you have to do in Afghanistan besides go outside the fence or work out? I just happened to listen to every single BiggerPockets Podcast when I was at the gym, one all the way through about 270 at the time.
After I redeployed back home, I came to Fort Bragg. I was working out at the gym again, listening to BiggerPockets like usual, and Alex Felice’s podcast—I think it was episode 301—came up. He discussed a lot about some great contractors he was working with and the delayed financing technique. I wrote those down promptly.
We were able to implement his strategy, along with the BRRRR strategy, into essentially buying three houses within six months from listening to that podcast.
Let’s talk about my latest BRRRR investment property. It’s similar to the other ones that I’ve done in the past.
We do most of the same rehab protocol that we have with other BRRRR properties. I like the BRRRR strategy because it allows us to rewash the same money investment after you do the rehab and the refinance and the repeat. That repeat is great, because I’m taking the same investment that I had from the first property and plugging it into the next one.
So, rinse, repeat, keep going. And it’s going to build up the generational wealth that we talked about.
I didn’t have trouble finding a contractor for the rehab portion, thanks to the BiggerPockets community. I met my Realtor through the BiggerPockets community, through a chat session. He introduced me to my general contractor/property manager, and he’s done a fantastic job.
Real estate investing is a team sport. You can’t get it done without having a great set of team members that work with you. Trust, confidence, relationships, and people, that’s where it’s all at.
One of the challenges that people are faced with is inaction. That’s probably one of the tougher things.
Also, when they don’t have proper focus on something. They’re not asking themselves the right questions. And if you keep asking yourself the right questions, you’re going to find the right answer.
Don’t ask terrible questions, but ask the right things. So, “How do I get this done the best way?” Not, “Why does this always happen to me?”
Before working through the BiggerPockets community. I really had no knowledge whatsoever of rehab. I learned that through my general contractor, who I met through BiggerPockets. It’s been a great learning experience that we’ve been able to develop. And so I can understand how the construction rehab process works now.
The house looks great. I trusted in my relationship with my GC. He’s got a lot of experience in the rehab world. So he said, “Hey, we need LVP for floors, we need a blue accent wall, we need stainless steel appliances, and that will get people good flips or good rents.”
So, trusting his experience made that process a lot easier.
I think as far as challenges that went with the refinance aspects, I probably could have done the numbers a little bit better. It was my first real cash-out refinance. Doing a conventional loan, the interest rate was a little bit higher than what I anticipated.
One of the better strategies that we have now implemented has been to talk to a lender ahead of time before purchasing, so they understand what kind of asset you’re looking at investing in. They can give you some good tips and tricks for what kind of potential loan products you can get.
It works really great because you can usually find a better rate if the lender is implemented into your acquisition process earlier rather than later to help you get your cash out. Refine, repeat.
Real estate investing for me has been somewhat easy. There have been challenges associated with it. But luckily, through working with a network of good people through the BiggerPockets community, I was able to meet great folks who turned their decades of experience into a couple of days of communication. I could then implement their techniques and style into a good systemized process that has started to help me realize my financial goals.
For my first deal, I utilized the TSP loan, which is essentially a 401(k) retirement program for military and government civilians. Not everybody has $50,000. In order to start fulfilling your investment dreams, you should start early, start investing early, start your own 401(k), and get the ball rolling.
You’ve got to start soon, otherwise you’ll never make it happen. If I’m a beginner looking to get started, I would reach out on the BiggerPockets network and try to find people in your local area.
REIA meetings are good. Just search some of the forums and don’t be afraid to reach out and talk to somebody. Maybe send a message saying, “Hey, my name’s Dan. I’m looking to invest in Fayetteville.”
That’s how I met my Realtor here, who got me into BRRRR investing in Fayetteville. Don’t be afraid to communicate. That’s actually one of the biggest challenges in life, talking to others and working with them.
Getting your spouse or significant other on board is crucial. It’s important. You have to work together. It was me coming up with the idea. It was just a thought back in 2018 and through data and research, reading the books, and just being open and communicating our goals to each other, we came to the same conclusion as a team to want to do real estate investing.
My name’s Dan Weidman, and I believe real estate investing is a team sport. Now go build your team.
How did you assemble your investing team?
Let us know in the comments.