Rookie investor interested in how to get started in BRRRRing.

[Deon Mister]

Hello everyone this is my first post in the biggerpockets forum and I'm interested in getting started in BRRRRING. Little about me I'm 37 I work full time as a local truck driver and I'm currently house hacking a 3unit I closed on back in June. I live in the Chicagoland area and I'm looking to build relationships, learn and bring value to others, so if anyone has any suggestions on how I should go about growning my portfolio please leave a reply. From all the research I've done it seems that the BRRRR strategy is the strategy everyone turns to to grow their portfolio.

[Andrew Postell]

@Deon Mister I'll try to answer your question here as best as I can.

BRRRR SKILLS NEEDED

Generally speaking you will need several things to successfully complete a BRRRR:

1. ARV - being able to calculate the Value on your own (meaning, without the wholesaler telling you the value) is really important.
2. Repairs - You will likely need to know how to budget the repairs as well. Getting a contractor can be extremely frustrating especially if you need to make an offer without even looking at the property. How do you calculate repairs without a contractor? You may need to lean on other local real estate investors in the beginning. Or maybe even just focus on properties with a very light rehab?
3. Lenders - You will need a lender on your BUY step and on your REFINANCE step. And I would HIGHLY recommend to read this article I wrote for Bigger Pockets on how to find good lenders that you can find HERE. If they are good, they should be absolutely definitive on rate, terms, costs, etc. Trust me, many lenders will tell you they can do this...but it's very rare to find. When I first started BRRRR'ing my properties lenders would tell me "That's illegal"....it's not, they just didn't know anything about it.
4. Finding Properties - and this is the absolute hardest step of anything right now. So network like crazy and find some good resources. It's going to be hard...but if it were easy then anyone could do it.

Hope those help in some way.  Thanks!