Updated almost 3 years ago on . Most recent reply
Learning The BRRRR Method
Hi all - curious if anyone has any tips on how they would go about learning / feeling comfortable on how to do an out of state BRRRR. First post here, big moment.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Taylor Campbell how long of a response can you read? We could spend hours on this subject really so I'll give some hints here:
1. Do everything you can to NOT invest out of state. Meaning, if you can drive 1 hour to find properties - then do that over investing out of state. When I lived in NYC the nearest investment city/town was about 2.5 hours away. I wrestled with it and ultimately choose to invest elsewhere. The lessons I learned weren't based on the returns of the properties but rather on the people in my network in that city. After working through it some I did get some good people but it took a little while to get them. Keep in mind that if you invest out of state you may NEVER see your asset. That's an enormous amount of trust you have to leave in a complete stranger.
2. Learning about the BRRRR method will take time. Maybe even more time than you realize. There are several real estate investor groups close to you. Go visit with them. Learn how the BRRRR process works - like how it REALLY works. While not everything will translate to every city many of the concepts will help. Bigger Pockets has lots of podcasts on it. Youtube has some...but most of the skills I acquired through the years came from other real estate investors I met and learned from. Network like it's your NET WORTH.
3. Start small. I don't mean on the rehab part....but my first BRRRR property was a home I purchased for $7,000. Now this is before Bigger Pockets was around. Before the internet was what it is today. So my learning ability was very limited. I felt, if I started small, then my mistakes would be small - and there were plenty! But it all worked out and 20 years later I'm doing very fine. Don't be afraid of the mistakes just limit them in the beginning.
Well, I hope all of that makes sense but feel free to ask anything additional if you need. Thanks for reading!