The B in BRRRR
Hi all, I've recently started reading the BRRRR book. Is the B(BUY), and the whole strategy premised on buying the first property out right without taking out a loan? Then later taken that equity to get a loan/refinance for the next property? I'm very green to investing-I plan on buying my first property by 3-2023. It seems that BRRRR is not a viable strategy for someone who is trying to put 20 percent down on a home, but maybe a viable strategy once you have enough equity-is that correct? Thanks
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You can "B" Buy with all cash, hard money or traditional finance, the goal is to "B" buy right regardless of method used to acquire. You'll cash out "R" refi once it's "R" rehabbed, and "R" rented. Traditional financing (20% down) is typically not needed for BRRRR.