@Andrew Frishman hey bud I’m in the same boat. Been devouring podcasts on here and am also a newbie investor but on the other coast in souther California where things are just as expensive!
I recently bought David Greene's book on long distance investing and am reading it along side this BRRRR book. Planning on combining the two much like yourself. He talks a lot about using tools and the other members of your team to help check and balance one another so you don't have to just "blindly trust" as much as you may think. Like have your potential property manager go by and check the updates to the house, but offer him or her an extra 100 a month to check it out and give you updates. He talks about this in the book but also in the first podcast he did with the guys on BP!
All that said I definitely feel you on the scary to start aspect! All this talk and I’ve never done a deal myself. But I’m determined much like yourself to get one ASAP and keep analyzing til I do!
Originally posted by @David Braut :
@Kenny M. Lewis But to be clear the hard money should be used as the original "purchase money" loan to buy the property in the first part of the "brrrr" strategy- "buy". Then after you rehab and rent you should refinance into a traditional loan or private money loan. Hard money loans are best used for short term or transactional financing because of their high costs.
The BRRRR is hard to put down. I honestly feel this could change the complete game. This is x10 compared to traditional approach.
Just ordered a copy. been doing fix and flip for the last 3 year in Michigan. I'm thinking of just fixing and renting now. Can this book show me how to keep getting more doors by doing this?
@Jon Huynh Yes I think it will be right up your alley. If you've been flipping, consider this strategy like you are flipping the property to yourself, to be cashed out in 6 months or so from purchase, all the while cashflowing and continuing to own an appreciating and cashflowing asset. (at least we hope it appreciates and if you hold long enough, history teaches us that it is bound to appreciate.
I just finished the book last night. I have to say it is probably one of my favorites. David gives great insight and detail into the BRRRRing process. The book not only provides ways to systematically BRRRR, but it also provides the mindset/philosophy that is needed in pursuing this endeavor. The mindset portion of the book, I feel is the most important. It is so easy to look at this process, and say it is too hard, or there will be too many problems. These are issues with anything worth doing, and David makes solid points on the mindset needed to tackle this process. I am drinking the juice at this point, and plan on making this my method of investing. Great book!
@James Murphey thanks for sharing your insights about the book. I just completed the book yesterday morning and honestly tris book is one of the most amazing. The most amazing honestly. I’m with this teaching and concepts “all in” mindset/philosophy. I’m in fact RE reading the book again.
@Alex Jones I am going to be referencing this book when I start I investing. It would have been easy for David to take some checklist, spreadsheets, and other process in the book wrap them up and sell them for several thousands of dollars in some course or boot camp. This book has given me the confidence I feel I need to invest majority of my money in the BRRRR process. It is easy to read a blog post about BRRRRing, but I need a book to feel confident enough to start making the leap.
Got the book at my desk for downtime. I'm trying to devour this as fast as I can and setup a plan to get going and EXECUTE. The other books I have and need to gobble up are Long-Distance Investing and how to estimate a rehab.
Other than listening to podcasts, I'm starting from scratch here. Yes, I know to take action, but I need to put on some sunscreen before I get playing in the sun.
@David Nemrow the book worth the time investment and dedication to get the most from the materials in the book. It has radically change the way I view Real Estate investments. I have owned several rental properties prior to reading this book. I look forward to grow with BRRRR strategy
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