{"id":129106,"date":"2020-09-07T05:00:38","date_gmt":"2020-09-07T11:00:38","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=129106"},"modified":"2021-03-16T17:02:42","modified_gmt":"2021-03-16T23:02:42","slug":"meet-investors-brrrr-deals-first-months","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/meet-investors-brrrr-deals-first-months","title":{"rendered":"Meet the Investors: BRRRR-ing 3 Deals in 6 Months With Dan Weidman"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">I\u2019m going to introduce you to a friend of mine and a fellow investor here in Fayetteville, North Carolina. We&#8217;re going to go through a <a href=\"https:\/\/www.biggerpockets.com\/blog\/brrrr-buyrehabrentrefinancerepeatprimer\" target=\"_blank\" rel=\"noopener noreferrer\">BRRRR property<\/a>. We\u2019ll tell you his whole story, how he got started in real estate, and how it can relate to you.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This story is actually interesting because Dan and I met through my contractor. But he met my contractor when he heard me on <a href=\"https:\/\/www.biggerpockets.com\/blog\/biggerpockets-podcast-301-incredible-power-long-distance-brrrr-investing-alex-felice\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Podcast episode 301<\/a>, universally acclaimed to be their best ever podcast produced. (I don&#8217;t know if you know that, but that is the best one. I&#8217;m not sure if they even know it, but it&#8217;s actually true.)<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">In the video and post below, meet Dan. We&#8217;re going to go through his latest property. We&#8217;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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Let&#8217;s meet him.<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/wMBjX-fg-w4\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2 class=\"p1\"><span class=\"s1\">The Investor<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Hi, I&#8217;m <a href=\"https:\/\/www.biggerpockets.com\/users\/DanielW204\" target=\"_blank\" rel=\"noopener noreferrer\">Dan Weidman<\/a>. I\u2019ve been active duty military for 14 years, and I\u2019ve been real estate investing through the BRRRR technique for about two-and-a-half years here in Fayetteville. I&#8217;ve got a wife and three kids, and I&#8217;m looking forward to showing you my next BRRRR investment. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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&#8217;t want my kids to have to go through something like that. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">I listened to one of the <a href=\"https:\/\/www.biggerpockets.com\/podcast\" target=\"_blank\" rel=\"noopener noreferrer\">BiggerPockets Podcasts<\/a>, 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?<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/meet-investors-real-estate-agent\" target=\"_blank\" rel=\"noopener noreferrer\">Meet the Investors: Real Estate Agent Turned Investor Dawn Brenengen<\/a><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">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. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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&#8217;s podcast\u2014I think it was <a href=\"https:\/\/www.biggerpockets.com\/blog\/biggerpockets-podcast-301-incredible-power-long-distance-brrrr-investing-alex-felice\" target=\"_blank\" rel=\"noopener noreferrer\">episode 301<\/a>\u2014came up. He discussed a lot about some great contractors he was working with and the delayed financing technique. I wrote those down promptly. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-86786 size-full\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/09\/BRRRR.jpg\" alt=\"BRRRR\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/09\/BRRRR.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/09\/BRRRR-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h2>The Property<\/h2>\n<p class=\"p1\"><span class=\"s1\">Let&#8217;s talk about my latest BRRRR investment property. It&#8217;s similar to the other ones that I&#8217;ve done in the past.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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&#8217;m taking the same investment that I had from the first property and plugging it into the next one. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">So, rinse, repeat, keep going. And it&#8217;s going to build up the generational wealth that we talked about. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">I didn&#8217;t have trouble <a href=\"https:\/\/www.biggerpockets.com\/contractors\" target=\"_blank\" rel=\"noopener noreferrer\">finding a contractor<\/a> for the rehab portion, thanks to the BiggerPockets community. I <a href=\"https:\/\/www.biggerpockets.com\/real-estate-companies\/find-real-estate-agent-directory\" target=\"_blank\" rel=\"noopener noreferrer\">met my Realtor through the BiggerPockets community<\/a>, through a chat session. He introduced me to my general contractor\/property manager, and he&#8217;s done a fantastic job. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Real estate investing is a team sport. You can&#8217;t get it done without having a great set of team members that work with you. Trust, confidence, relationships, and people, that&#8217;s where it&#8217;s all at.<\/span><\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/meet-investors-pilot-long-distance-brrrr\" target=\"_blank\" rel=\"noopener noreferrer\">Meet the Investors: Full-Time Pilot &amp; Long-Distance BRRRR Investor Frank Culick<\/a><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">One of the challenges that people are faced with is inaction. That&#8217;s probably one of the tougher things. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Also, when they don&#8217;t have proper focus on something. <\/span>They&#8217;re not asking themselves the right questions. And if you keep asking yourself the right questions, you&#8217;re going to find the right answer.<\/p>\n<p class=\"p1\">Don&#8217;t ask terrible questions, but ask the right things. So, \u201cHow do I get this done the best way?\u201d Not, \u201cWhy does this always happen to me?\u201d<\/p>\n<p class=\"p1\"><span class=\"s1\">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&#8217;s been a great learning experience that we&#8217;ve been able to develop. And so I can understand how the construction rehab process works now. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The house looks great. I trusted in my relationship with my GC. He&#8217;s got a lot of experience in the rehab world. So he said, \u201cHey, 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.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"> So, trusting his experience made that process a lot easier.<\/span><\/p>\n<h2>The Money<\/h2>\n<p class=\"p1\"><span class=\"s1\">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. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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&#8217;re looking at investing in. They can give you some good tips and tricks for what kind of potential loan products you can get. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-113945 size-main-slider\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/07\/real-estate-or-stock-702x336.jpg\" alt=\"Hand of Business people calculating interest, taxes and profits to invest in real estate and home buying\" width=\"702\" height=\"336\" title=\"\"><\/p>\n<h2>The Advice<\/h2>\n<p><span class=\"s1\">You&#8217;ve got to start soon, otherwise you&#8217;ll never make it happen. <\/span><span class=\"s1\">If I&#8217;m a beginner looking to get started, I would reach out on the BiggerPockets network and try to find people in your local area.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">REIA meetings are good. Just <a href=\"https:\/\/www.biggerpockets.com\/forums\" target=\"_blank\" rel=\"noopener noreferrer\">search some of the forums<\/a> and don&#8217;t be afraid to reach out and talk to somebody. Maybe send a message saying, \u201cHey, my name&#8217;s Dan. I&#8217;m looking to invest in Fayetteville.\u201d <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">That&#8217;s how I met my Realtor here, who got me into BRRRR investing in Fayetteville. <\/span><span class=\"s1\">Don&#8217;t be afraid to communicate. That&#8217;s actually one of the biggest challenges in life, talking to others and working with them. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Getting your spouse or significant other on board is crucial. It&#8217;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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">My name\u2019s Dan Weidman, and I believe real estate investing is a team sport. Now go build your team.<\/span><\/p>\n<p><a href=\"https:\/\/www.biggerpockets.com\/webinars?utm_source=blog\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-91217 size-full\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01.jpg\" alt=\"\" width=\"700\" height=\"85\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01.jpg 700w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01-300x36.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><em>How did you assemble your investing team?<\/em><\/p>\n<p><strong>Let us know in the comments.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This military investor purchased three BRRRR deals in the first six months of his journey to built generational wealth.<\/p>\n","protected":false},"author":14645,"featured_media":121144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4252],"tags":[],"class_list":["post-129106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deal-analysis"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/129106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/14645"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=129106"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/129106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/121144"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=129106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=129106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=129106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}