Advice on how to calculate and buy first BRRRR property.

BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Advice on how to calculate and buy first BRRRR property.

Joshua Sun
New to Real Estate · Brooklyn, NY · Member since 2021 · 38 posts · 27 votes

Hey everyone,

My fiance and I have one rental property in Kansas City already, and are in the process of saving for our first BRRRR deal this coming year in the same area.

We've read David Green's BRRRR book, googling, and listen in on podcasts and reading content, but would like to see if anyone on here who have done a lot of BRRRRs, have advice for us while we save.

We will be using all of our own money to finance the purchase, and rehab. We have a great real estate agent already, a bank that will refinance it for us, solid property management and amazing inspector. We are looking to find a great contracter / team next, since our first investment property didn't require a ton of repairs after, we never used one. 

We will be doing it all out of state.

Thanks ahead of time, and any advice, videos, tips or books/sites recommendations to read is appreciated! 

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Kevin Coco-Senyszyn
Real Estate Agent · Keller, TX · Member since 2022 · 62 posts · 37 votes
3y

I recommend you lean on your network and your property management team to ensure success. Make sure your property management team is experienced in working with investors and is aligned with your goals. They should be able to help you find the right contractor or team to work with, as well as help manage the day-to-day responsibilities of your rental property. 

Make sure you flesh out the rest of your team as well. A good hard money lender won't let you fail because they won't let you buy unless the deal makes sense. Good investor-friendly lenders, realtors, and property managers will also have other connections you need like wholesalers, contractors, or insurance brokers. 

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  • Kevin Coco-Senyszyn
    Real Estate Agent · Keller, TX · Member since 2022 · 62 posts · 37 votes
    3y

    I recommend you lean on your network and your property management team to ensure success. Make sure your property management team is experienced in working with investors and is aligned with your goals. They should be able to help you find the right contractor or team to work with, as well as help manage the day-to-day responsibilities of your rental property. 

    Make sure you flesh out the rest of your team as well. A good hard money lender won't let you fail because they won't let you buy unless the deal makes sense. Good investor-friendly lenders, realtors, and property managers will also have other connections you need like wholesalers, contractors, or insurance brokers. 

    1Reply
  • Dominic Pizzi
    Lender · Freehold, NJ · Member since 2022 · 236 posts · 85 votes
    3y

    Agree with Kevin on this one! A good HML will be beneficial in giving you accurate quotes so you will know if it is a good deal right from the very beginning.

    Even though you have a good team that surrounds you, make sure you still have an active role with your property. There have been many horror stories of contractors saying work is completed and it they take your money and run, or property managers that never look after your property. Always have eyes out, there are times where people may not have your best interests at heart!

    Although that post sounded extremely negative, it is something to consider! Good luck with the first BRRRR, sending well wishes to everyone involved!

    1Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    I want to stay 70% all in with the rehab and holding costs on the property. 

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    You agent and PMC should be able to recommend a good contractor - just be sure to vett them. What is acceptable to one, may not be acceptable to you!

    [email protected]248-209-6824
    Logical Property Management4.9460 Reviews
    WebsiteView Page
    1Reply
  • Joshua Sun
    OP
    New to Real Estate · Brooklyn, NY · Member since 2021 · 38 posts · 27 votes
    3y

    Thanks for the helpful responses, all! 

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