Just Finished David Greene BRRRR - Confusion on OPM

[Breanna Schurtz]

Hey y'all, I'm a newbie investor from Southern Utah. I just finished David Greene's BRRRR book and gave myself carpal tunnel typing literally 42 pages of notes! Right now I am focusing on finding my Core Four and hunting for under market value leads. I think my only financing option right now is hard money or private money. Has anyone here financed a BRRRR with OPM and would like to share their experience? Where did you find a credible source? Did you secure options for OPM before hunting for leads or after? I can't figure out the timing for financing.

[Stephen Glover]

Thanks @Taylor L..  @Breanna Schurtz You'll want a GC, PM (if you're using a manager), Private/Hard Money, Closing Agent/Attorney, and Long term financing all lined up before you find your first deal.  It's hard to analyze a deal if you don't know what financing figures you'll be looking at. It's hard to rehab if you don't have a GC, etc.  Once you have your team in place and understand all the numbers behind the financing, you can then plug and play opportunities until you find one to pull trigger on.  Once you pull trigger, it falls into the system and your team goes to work.

With that said, I would continue learning and building your team/relationships WHILE looking at deals so you can practice running numbers.  It's good to start looking now.  You'll learn a lot from it, but your primary focus may not be on closing a deal quite yet until your team is in place and you understand all the numbers from start to finish (refi).

Hope this helps.