For those focused on BRRRR...
Can you talk about in what condition you are buying properties, and how are you buying them?
I really want to go down this road for my next investment but it seems a lot of the properties I see that would be "BRRRR-able" are cash purchases.
Are you buying properties so distressed they are cash purchases? In order to get your money out, assuming you have your financing fixed, it seems there needs to be a big upside. I'd love to say I have enough cash to buy more houses in cash, but I don't.
Would love thoughts/feedback on what you look for if BRRRR is your focus.
Most Popular Reply
@Courtney M. I’ve got 3 young daughters and I try to involve them as much as I can in our real estate business. Here’s why I’m telling you this. When I go to view properties I often bring the kids. They’ve gotten to the point that when we walk into a perspective property and It’s disgusting and stinks, I asl them what they think. Their response, “Smells like money Dad!!”
So, I’ve found success with making cash offers on homes that primarily require cosmetic fixes. I’m buying these anywhere from 20-50% below market value. We renovate, rent and refi our cash back out usually within 6 weeks.
Find the next property, and do it all over again. We started about 1.5 years ago and we’re (my wife and I) currently working on #11.
Let me know if you have any questions regarding the specifics of BRRRing
Best of luck!!