New to Real Estate · Denver, CO · Member since 2017 · 11 posts · 3 votes
Like the title mentions, I am a chronic over thinker and know that I could spend the next 2 years learning every possible approach to BRRRR, the details, the risks, etc. I am a pretty resourceful thinker but I cannot help that whenever my brain hears "5 things you MUST know before your first BRRRR deal" I can't help but read the content, research each of those topics, etc. Ultimately, I know I just need to get started and over time my goal can become to improve my strategy with every deal.
I don't want to live on the sidelines lol.
With that being said- Any advice/thoughts on taking a less profitable deal (ie- leaving money in the deal after refinancing to get started)? If so, how can I use my willingness to be less profitable to my advantage?
Columbus, OH · Member since 2023 · 427 posts · 254 votes
3y
In this current environment, the majority of deals fall under "less than perfect".... Set your parameters for any possible deal, and go through with it IF you are comfortable with the numbers. Do your due diligence and trust your numbers. Don't live on the sidelines, but don't get in the game just to say you got in.
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
3y
"...a less than perfect deal"?
Something I often post to other social media sites: "'Perfection' is a fictitious town in Nevada from the 'Tremors' movies. Stop looking for it." There's even a Facebook group called "Done is better than perfect".
Something else I've posted to these forums multiple times: "The School of Hard Knocks is THE most expensive education out there." BP podcasters and other hosts have posted about much money they lost on their early deals through ignorance and inexperience. Some of them could have paid for their education 5 times or more just with their early losses.
"Over thinking" (I call it "insight") can help you find potential problems and pitfalls, even ones you've not encountered before. It only holds you back when you get stuck there.