Trying to make sure I understand BRRR
I keep listening to all these podcasts of someone starting out with $10,000 and 2-3 years later owning 50 properties in their portfolio through BRRR.
As someone with well more than $10,000 I'm struggling to make these numbers work.
When you BRRR, don't you typically pay about $5,000 for the initial purchase and then ANOTHER $5,000 to re-finance to get your money out? Are the numbers so compelling that, even with $10,000 total to get money into and out of the deal one can consider to grow their portfolio?
As someone that is generally purchasing properties in the $110k - $150k range and putting down $30,000-$37,000 down on a rental, I'm not understanding how I could significantly leverage my money to significantly expand my portfolio.
Can anyone help me understand? I'm plodding along locking up $30,000 at a time in a rental that cash flows at > 10%.
Thanks!